GoTyme deposits hit P17 billion
GOTYME BANK has booked P17.3 billion in deposits to date, driven by a surge in new customers, it said on Thursday.
The digital bank has reached 3.7 million customers as of end-June after gaining 1.7 million new users since end-2023 amid an increase in monthly transactions, it said in a statement on Thursday.
Monthly transactions have grown by 600% in the first half, resulting in over 250,000 new customers a month, it added.
“We want to be the fastest growing bank by monthly customers added by the end of the year… We’ve grown from 2 million customers (at end-December 2023) to 3.7 million customers, adding over 250,000 per month, making us the fastest-growing bank in the Philippines,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke said in a speech at a campaign launch on Thursday.
Mr. Clarke added that the bank is “on track” to hit 5 million users by the end of this year.
“If you look beyond customer growth, by several other measures, we’re also the fastest growing in the country. So, if you look at monthly downloads, app downloads, we’re the number one bank. If you look at growth in monthly active app users, we’re number one. Then if you look at growth in InstaPay transactions month on month, we’re number one…,” he added.
As part of its new campaign, GoTyme Bank will launch new products and features, officials said.
The Gokongwei-led digital lender will launch international accounts, which will allow Filipinos abroad to open an account with the same features as Philippine-based accounts.
GoTyme Bank will also launch a Mobile Check Deposit feature, which will allow users to deposit checks worth up to P499,999.99 24/7 via the GoTyme app, including post-dated checks.
Users will also soon be able to pay for load or gaming credits with points through GoRewards.
GoTyme Director of Information Technology and Operations Gigi Puno said the bank will also be adding 40 new billers to their bills payment feature by next month.
The digital lender will continue to partner with more merchants this year, GoTyme Bank Chief Marketing Officer Raymund S. Villanueva added. It is also looking to roll out more kiosks and automated teller machines within the year.
GoTyme Bank is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based Tyme, which has 40%. It is one of the six digital banks licensed to operate by the Bangko Sentral ng Pilipinas.
The online lender began commercial operations in October 2022 and is targeting to grow its customer base to 5 million by the end of this year. It also expects to turn a profit within the next three years. — AMCS
