GoTyme Bank, a joint venture between the Gokongwei Group of Companies and South Africa’s Tyme Group, is setting its sights on reaching nine million customers by 2025. This ambitious goal builds upon its existing base of 5.1 million depositors, buoyed by new initiatives aimed at financial inclusion and innovation.
Albert Tinio, Co-CEO of GoTyme, shared the bank’s plans during an exclusive interview on Daily Tribune’s digital show Straight Talk. Tinio highlighted several initiatives in the pipeline, including a much-anticipated consumer credit product set to launch next year.
“Our customers have been requesting a consumer lending product, specifically a buy now-pay later program, which we plan to launch in 2025,” Tinio explained. “This product will be directly available to consumers. The Bangko Sentral ng Pilipinas (BSP) has encouraged us to introduce a lending product to better serve our customers. When BSP talks about financial inclusion, it’s not just about opening an account but ensuring access to other financial products.”
Tinio emphasized that the buy now-pay later scheme will benefit not only customers but also merchants. This program has already seen success with Tyme Group in South Africa, giving the company confidence as it introduces it to the Philippine market.
Venturing into Cryptocurrency
GoTyme is also making strides in the cryptocurrency space. Tinio announced that the bank recently secured a Virtual Asset Service Provider (VASP) license from the BSP, enabling it to offer digital currency services.
“Crypto is in high demand among our merchants and customers. We have earned the trust of the BSP in serving clients involved in crypto,” Tinio said. He added that the bank aims to roll out its cryptocurrency services by late Q1 2025.
The VASP license allows GoTyme to operate within the cryptocurrency sector, providing services such as digital token transactions. This marks a significant milestone as the bank adapts to the growing interest in digital currencies.
Expansion into Local Equities
Another major initiative on the horizon is GoTyme’s planned entry into the local equities market. The bank is awaiting regulatory approval from the BSP to serve this segment, with Tinio optimistic about receiving the license by mid-2025.
Capital Growth and Strategic Investments
GoTyme’s parent company, Tyme Group, recently concluded a successful Series D funding round, raising $250 million and achieving unicorn status with a valuation of $1.5 billion. The round was led by Nubank (NU), a New York Stock Exchange-listed digital bank with 110 million customers, and M&G’s Catalyst Fund.
“Nubank’s investment in Tyme Group brings not only capital but also expertise in lending solutions and impact product creation,” Tinio noted.
Existing shareholders, including Tencent, the Gokongwei Group, and British International Investment, contributed an additional $50 million, further strengthening Tyme Group’s financial position.
With these projects and investments, GoTyme Bank is poised to revolutionize the digital banking landscape in the Philippines while achieving its ambitious customer growth target.
