GoTyme Bank is preparing to launch cryptocurrency investment products within the second quarter of the year, marking a significant expansion in its digital banking services.
“It’s not going to be like the way crypto is traded currently, the way you know it. It’s a little bit more subdued and reserved. In fact, we’re only limiting it at this point to, I think, the top 20 stable digital coins,” GoTyme Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio told BusinessWorld on the sidelines of an event last week.
The bank is conducting further tests with its partners to ensure a smooth rollout. “We’re doing a little more testing, especially with the partner. We don’t want to overcommit. But that’s also launching soon — around the end of the second quarter,” Tinio added.
As part of its risk management approach, GoTyme Bank will implement a risk rating system for users before allowing them to open crypto investment accounts.
“Our commitment to the BSP is a lot of education prior to the opening of an account,” Tinio emphasized, underlining the bank’s focus on consumer protection.
GoTyme Bank secured its Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) in October last year. VASPs provide facilities for the safekeeping, administration, transfer, or exchange of virtual assets, including cryptocurrencies and electronic wallets.
Tinio also revealed that equity investments will soon be available on the digital bank’s platform, further diversifying its offerings.
Expanding Lending Partnerships and User Base
GoTyme Bank is set to expand its lending partnership with FoodPanda following a successful pilot phase.
“So, hopefully, the deserving FoodPanda merchants who fit into the categories or the algorithm will be able to get a loan,” Tinio said.
The bank has also reported a steady rise in its customer base, with around six million users to date.
“We’re expecting to hit nine million by the end of the year… Over nine million definitely,” he noted, attributing this growth to the planned deployment of 100 additional kiosks outside the Robinsons Retail Holdings, Inc. ecosystem.
Additionally, GoTyme Bank plans to introduce cash recycling machines either in late Q2 or early Q3, enhancing its deposit and withdrawal channels.
“It’s another channel for deposits and withdrawals. Our only capability, since we don’t have branches, would be over the counter in Robinsons ecosystem or stores, InstaPay transfers, and then cash recyclers. It’s in line with our strategy to also deploy ATMs. I think we’re now at 20 ATMs, and then we’ll start augmenting that with the cash recyclers soon,” Tinio explained.
Path to Profitability
Despite reporting a net loss of PHP 2.47 billion in 2023, widening from PHP 909.67 million in 2022 due to higher expenses, GoTyme Bank remains optimistic about reaching profitability by 2026.
“Nothing has significantly changed to derail us from that. So, we’re still there. We’re still on track for 2026,” Tinio affirmed.
GoTyme Bank is one of six digital banks licensed by the BSP. It operates as a partnership between the Gokongwei Group and Singapore-based Tyme Group, which also runs TymeX in Vietnam, India, and China, as well as digital bank TymeBank in South Africa.
According to BSP data, GoTyme Bank’s gross loan portfolio increased to PHP 3.048 billion by the end of September 2024 from PHP 1.91 billion at the end of June 2024. Deposits also saw a rise, reaching PHP 19.93 billion from PHP 17.25 billion in the same period.
