GoTyme Bank deposits hit over P30 billion as of June as it expands presence, services
GOTYME BANK’S customer deposits reached over P30 billion as of June as it continues to expand its services and presence nationwide.
Deposit growth was driven by efforts to enhance its authentication and fraud controls, it said, as well as the increase in the online bank’s users to over 6.5 million, it said in its second-quarter update.
“In under three years, 6.5 million Filipinos have chosen to upgrade their banking experience with GoTyme Bank,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke said.
“GoTyme users spent over P10.5 billion on the GoTyme Bank card in the last three months and in the past year has been used in over 100 countries, meaning GoTyme customers are not just using the card here, they are taking us with them as they explore the world.”
The bank added that it is now among the top four banks in the country in terms of monthly active app users and part of the top five in terms of InstaPay transactions.
GoTyme Bank looks to sustain its strong performance by expanding its presence and offering new services, it said.
“By the third quarter of 2025, every single SM Store across the country will proudly host a GoTyme Bank kiosk. That’s more than 70 new locations where anyone can walk up, open an account in under five minutes, receive a free Visa debit card, and instantly step into the world of beautiful, seamless banking,” GoTyme Bank Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio said.
“We are putting the power of banking directly where people live, shop, and thrive. This is more than convenience. This is a revolution in access and empowerment,” he said.
The digital bank is also looking to roll out a local stock investing feature within this quarter.
It will also introduce other services such as cryptocurrency trading via its app, cash deposit and withdrawal machines with self-service and off-us functionality, as well as a new reward points earning scheme through Go Rewards.
Under the new scheme, users can get one point per P100 spent at partner stores and a point per P500 spent elsewhere, which they can use to book flights or pay for their purchases.
GoTyme Bank recently launched a buy now, pay later product. It also announced partnerships to extend credit to small businesses in the country.
The bank expects to hit nine million users by end-2025 and remains on track to be profitable by 2026, Mr. Tinio earlier said.
Based on its latest available balance sheet, GoTyme Bank had assets worth P35.3 billion as of March. Its gross loan portfolio stood at P5.46 billion, while deposit liabilities were at P28.91 billion in the same period.
The bank booked a net loss of P2.47 billion in 2023, widening from the P909.67-million loss in 2022, due to higher expenses, its latest annual report showed.
GoTyme Bank began commercial operations in October 2022 and is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group and Singapore-based Tyme Group. — AMCS
