The bank also plans to expand its services further with cryptocurrency offering in mind, and aims for more profitability by the end of 2025.
GoTyme Bank, a digital bank in the Philippines, has announced impressive growth, surpassing its initial projections, Business World Online reports.
Nathaniel Clarke, the bank’s President and CEO, stated that GoTyme Bank currently has 5.1 million customers and projects this number to increase to 5.3 million by year-end.
GoTyme Bank has also managed to accumulate P24 billion in deposits, exceeding its anticipated growth rate, Clarke added.
This rapid growth is due to several factors with the main to highlight is the bank’s mobile app which offers user-friendly experience.
This is a key advantage in a market where traditional banks have been slow to adopt digital services.
Nathaniel Clarke
“The reality is if you compare it to other markets, the incumbent banks have not delivered a great digital experience,” Clark said.
Plus, according to Clarke, with the Philippines having the second-youngest population in the world, it is instrumental that they can provide high-quality digital services and experience to the digitally savvy youths.
GoTyme Bank’s unique “phygital” approach, has also been instrumental in its success.
It’s mainly due to them having digital banking with physical presence through kiosks stationed within the Gokongwei group’s retail network.
This strategy allows the bank to cater to a wider range of customers, including those who prefer face-to-face interaction.
“The Gokongwei group’s wide retail network has made it easier for the bank to reach areas outside the National Capital Region, especially in Cebu,” Clarke noted.
Looking ahead, GoTyme Bank plans to expand its product offerings in 2025.
Their main focus will be on credit, investment, and digital asset services.
The bank recently obtained a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP), enabling it to offer services related to cryptocurrencies and electronic wallets.
“We’re hopefully days away from putting that live in a pilot, then like a limited live,” Clarke added.
GoTyme Bank is one of the six digital banks licensed by BSP, operating in a market ripe for disruption.
The bank is a joint venture between the Gokongwei group and Singapore-based Tyme Group.
These banks also operate digital banks in other countries, including TymeBank in South Africa.
While TymeBank is reportedly preparing for an IPO in New York by 2028, GoTyme Bank is focused on achieving profitability in the Philippines by the end of 2025 and expanding its presence in Southeast Asia.
“The market will dictate the timing. We want to be IPO ready in four to five years,” Clarke said.
But they will first focus on expanding their brand within Southeast Asia first before considering for an IPO.
