The Gokongwei Group has formally launched the country's newest digital bank, GoTyme.
There are currently 15 GoTyme kiosks in Robinsons supermarkets around the metropolis, with 226 kiosks in total to be launched by the end of 2022, according to Albert Tinio, GoTyme Bank's Co-CEO and chief commercial officer, said.
"Approximately 700 GoTyme kiosks will be located in the country by the end of 2023. Meanwhile, the GoTyme Bank debit card can be used anywhere and at any ATM (automated teller machine)," Tinio said.
"In under five minutes, GoTyme's newly launched kiosks let Filipinos open a bank account, scan their valid IDs, enter their information, take an ID photo, and receive their debit card," he added.
Moreover, it's technology never before seen at such a scale in the Philippines. For Filipinos who balk at the idea of banking service you can never see, meet, or feel, GoTyme's physical kiosks have found a perfect market in the Philippines.
Human touch
"At GoTyme we thought that going digital does not mean losing our human touch. It became our call out, to be digital and physical at the same time — 'phygital' so to speak. To keep the human connection always, GoTyme Bank will have kiosks that are strategically located across the Robinsons ecosystem," Tinio said.
"With our next-level customer service, these kiosks will always have a bank ambassador to guide you through the process. Using kiosks, we aim to solve access and extend reach. By deploying kiosks to Robinsons retail stores and malls, you can now create an account where you shop, eat, and relax," he added.
For his part, Lance Gokongwei, JG Summit president and chief executive said that "we're trying to democratize financial services by making financial services and savings easy to do, not something very scary."
GoTyme, a partnership between the Gokongwei Group and the Tyme Group, adapts the innovations of South Africa's popular TymeBank to the Filipino setting.
GoTyme is among six digital banks given a license by the Bangko Sentral ng Pilipinas. It hopes to use the resources of the Gokongwei Group, like malls and convenience stores, to reach out to more Filipinos.
It has a mobile app and offers features like a 3-percent interest rate for savings and a free physical card that can be used worldwide.
Ayala-owned BPI will be a shareholder of GoTyme once the merger of BPI and Robinsons Bank is completed.
Gokongwei said, "Robinsons Bank is one of the main shareholders of GoTyme, together with Robinsons Retail Holdings and Robinsons Land. And upon the merger of Robinsons Bank with BPI, then BPI will become a shareholder of GoTyme as well."
