PRESS RELEASE | GOtyme secures digital banking license from BSP

PRESS RELEASE | GOtyme secures digital banking license from BSP

PRESS RELEASE | GOtyme secures digital banking license from BSP 1920 772 TymeGlobal

Media Statement
August 16, 2021

GOtyme digital banking license application gets BSP nod; Will drive financial access for all Filipinos

(Manila, Singapore) – Bringing forth a new era in financial inclusivity, the Bangko Sentral ng Pilipinas (BSP) has approved GOtyme’s application to operate a digital bank, making it the latest entity to secure the go ahead from the regulator as it prepares to make financial services accessible to all Filipino consumers. This latest addition of GOtyme in the roster of companies given the clearance to run a digital bank exemplifies BSP’s commitment to achieve its goal to bring 70% of Filipino adults into the banked population and have 50% of payments done online by 2023.

GOtyme is a partnership between the Gokongwei Group, one of the biggest conglomerates in the Philippines, and the Singapore-headquartered digital banking group Tyme. This venture combines the trusted Gokongwei brand, reputation, and multi-industry operations with Tyme’s globally proven digital banking technology and hands on experience to add an exciting new player to the Philippines’ banking community.

“GOtyme will leverage the Gokongwei Group’s extensive eco-system that is highly integrated into the daily lives of Filipinos — where they already shop, eat and spend family time,” said Jojo Malolos, President & CEO of GOtyme. “This distribution strategy will assist in the democratization of financial services, addressing the needs of all Filipinos regardless of age, income, or geography.” Malolos will lead GOtyme, together with Nate Clarke, one of Tyme’s founding team members.

The newest digital banking player will provide secure and easy onboarding through both an app and digital kiosks conveniently located throughout the mall and retail footprint of the Gokongwei group. “In South Africa, 3m of our 3.5m customers joined TymeBank through our digital kiosks deployed in retail environments. We believe the combination of this technology and the Gokongwei Group’s nationwide retail footprint provides GOtyme a clear path to rapid growth,” stated Nate Clarke, GOtyme’s co-CEO. GOtyme is expected to launch in the second quarter of 2022.

“GOtyme will bring about better financial inclusion for a greater majority of the Filipinos from day one. We see our model of digital banking, with onboarding and education in retail networks and a well-designed app for transacting, as the best way to provide greater financial empowerment to our customers. What Cebu Pacific has done for travel is what we plan for GOtyme to deliver in financial services,” said Lance Y. Gokongwei, President and Chief Executive Officer of JG Summit Holdings, Inc., one of the holding firm in the Gokongwei Group of companies.

Coen Jonker, Executive Chairman of Tyme, expressed his support: “The Philippines is Tyme’s first expansion into Asia. With TymeBank’s over 3.5 million customers since its launch in February 2019 and highest Net Promoter Score among banks in South Africa, Tyme has a strong model and hard-won lessons to bring to the Philippines. We are grateful for the trust shown by BSP in our license application. We look forward to getting to know and serving the people of the Philippines as we launch GOtyme.”


About the Gokongwei Group
The Gokongwei Group is one of the largest and more diversified Filipino conglomerates engaged primarily in businesses that serve a growing middle class with rising disposable incomes in the Philippines, Southeast Asia, and Australasia. It is composed of JG Summit Holdings Inc. which has business interests in food manufacturing (Universal Robina Corporation), air transportation (Cebu Pacific), real estate and property development (Robinsons Land), banking (Robinsons Bank), and petrochemicals (JG Summit Petrochemical Corporation); and Robinsons Retail Holdings Inc.(RRHI), its retail affiliate which is comprised of supermarket, department store, and specialty retail brand operations; and the Summit Media Group.

About JG Summit
JG Summit Holdings, Inc. (JGS), a publicly listed company, is one of the largest and more diversified Filipino conglomerates. It is the holding company for a group of companies with substantial business interests in food manufacturing and agro-industrial and commodities (Universal Robina Corp.); real estate and hotel (Robinsons Land Corp.); air transportation (Cebu Pacific Air); banking (Robinsons Bank); and petrochemicals (JG Summit Petrochemical Corporation). The Company also has core investments in telecommunications and power generation and distribution. Visit www.jgsummit.com.ph

About Tyme
Tyme is a multi-country digital banking group, focused on bridging the digital divide in emerging markets, by integrating into physical retail ecosystems. Headquartered in Singapore with offices in Hong Kong and Ho Chi Min City, Tyme designs, builds, and commercializes digital banks for the mass market, with a particular expertise in serving under-served and under-banked populations. Tyme recognizes the unique challenges of digital banking in emerging markets and builds financial education, a high tech – high touch approach, and efficient cash management solutions to meet the needs of the emerging mass market in these countries. For more information, please visit www.tyme.com

About TymeBank
TymeBank is majority owned by Dr Patrice Motsepe’s African Rainbow Capital (‘ARC’) with UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit), a Philippine-based conglomerate owned by the Gokongwei family, Africa Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund. TymeBank is a member of the Tyme Group of companies with headquarters in Singapore. TymeBank and its sister company, Tyme, recently raised R1.6 billion, which will be deployed to enable growth both locally in South Africa and in the Philippines. TymeBank has onboarded over 3.5m customers since its launch in February 2019 and recently launched MoreTyme, its Buy Now Pay Later product, across South Africa.

For media enquiries, please contact:
Redentor R. Samar ([email protected])
Rachel Freeman ([email protected])
Ainsley Moos ([email protected])

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