GoTyme digital bank launched in the Philippines as a partnership between the Gokongwei Group and Singapore-based digital banking group, Tyme, has teamed up with the global cloud banking platform Mambu to improve digital financial services to customers.
It offers digital services via kiosks set up in retail outlets belonging to Robinsons Retail Holdings Inc under the Gokongwei Group.
GoTyme Bank’s president and CEO Nate Clarke said they decided to build the GoTyme Bank entirely on the cloud with the knowledge gained from transitioning TymeBank in South Africa to a fully digital bank.
“Mambu’s SaaS cloud-native, API-first banking platform was our top choice to have the capacity to scale efficiently and enable ‘lift and shift’ the concept from South Africa to the Philippines,” Clarke said.
Noting the improved access to electronic payments over the past few years in the Philippines, Clarke said that still, only less than 3 percent of Filipinos have access to affordable credit such as a credit card.
“Every year, millions of employed Filipinos fall short of their potential because they do not have access to high-quality banking products and hence we want to deliver next-level banking potential,” he added.
GoTyme plans to operate 500 plus kiosks by the end of 2023 to enable access to secure financial services for Filipinos who are currently excluded from the formal banking system. The other products and services include free visa debit cards, bank transfers via mobile app, and a rewards programme.
Mambu and Tyme Group’s prior partnership in designing a customer-centric digital bank is expected to help the firm in rolling out more new products and services in the coming months.
The firm is also planning to launch similar digital banks in other parts of Asia following the digital banking model now proving successful in two countries.
