The bank also plans to further expand its service offerings, consider offering cryptocurrencies, and aims to achieve higher profitability by the end of 2025.
GoTyme Bank, a digital bank in the Philippines, has announced impressive growth, exceeding initial expectations, BusinessWorld Online reported.
GoTyme Bank currently has 5.1 million customers and expects that number to grow to 5.3 million by the end of the year, said Nathaniel Clarke, president and CEO of the bank.
Clark added that GoTyme Bank also managed to accumulate P24 billion in deposits, exceeding the expected growth rate.
This rapid growth is attributed to a number of factors, chief among which is the user-friendly experience provided by the bank’s mobile app.
This is a key advantage in a market where traditional banks have been slow to adopt digital services.
Nathaniel Clarke
“The fact is that if you compare it to the rest of the market, the incumbent banks are not delivering a great digital experience,” Clark said.
In addition, Clark said the Philippines has the second youngest population in the world, so it is crucial to provide high-quality digital services and experiences to young people who are digitally savvy.
GoTyme Bank’s unique “physical-digital” approach has also played a major role in its success.
This is mainly because they have achieved a combination of digital and physical banking through self-service terminals stationed within the Gokongwei Group’s retail network.
This strategy enables the bank to cater to a wider range of customers, including those who prefer face-to-face interactions.
Clark noted that the Gokongwei Group’s extensive retail network enables the bank to more easily reach areas outside the National Capital Region, especially Cebu.
Looking ahead, GoTyme Bank plans to expand its product offering by 2025.
They will focus primarily 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 cryptocurrency and e-wallet-related services.
Clark added: “We hope to have this feature live in a pilot in a few days and then do a limited live broadcast.
GoTyme Bank is one of six digital banks licensed by the Bangko Sentral ng Pilipinas, operating in a market rife with disruption.
The bank is a joint venture between Gokongwei Group and Singapore’s Tyme Group.
The banks also operate digital banks in other countries, including TymeBank in South Africa.
TymeBank is reportedly preparing for an IPO in New York in 2028, while 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 hope to be ready for an IPO in four to five years,” Clark said.
But they will first focus on expanding their brand in Southeast Asia before considering an IPO.