GoTyme Bank launches in the Philippines to provide financial services to over 50 million unbanked

GoTyme Bank, a joint venture between Tyme, a Singapore-based digital banking group, and the Gokongwei Group, a Philippine-based brand has launched to provide a better choice for the country's digital banking service needs.

• The new GoTyme Bank venture will leverage the Gokongwei Group brand, reputation and multi-industry ecosystem, with Tyme’s globally digital banking technology and hands-on experience to provide Filipinos with convenient physical and digital financial services like payments, savings, credits and investments.
• According to the 2019 Financial Inclusion Survey, 70% of Filipinos (around 51.2 million people) are unbanked or underserved by existing financial services.
• The joint venture would see special digital kiosks deployed throughout the retail ecosystem of the Gokongwei Group. From supermarkets, department stores and even convenience stores, this approach will provide secure and easy onboarding through both an app and digital kiosks that are conveniently located throughout the mall and retail footprint of the Gokongwei Group.
• GoTyme Bank says it plans to employ 362 bank ambassadors at 226 kiosk locations by year-end and it also aims to bring a next-level “phygital” banking experience that combines physical touchpoints such as kiosks and bank ambassadors with secure digital transactions to address the gaps in Filipino financial services.