Other potential products in the pipeline include cryptocurrency and equities investments and a 'QR-based credit card'
MANILA, Philippines – Filipinos around the world can now open a GoTyme Bank account from over 170 countries. And if you’re right here in the Philippines, you can also deposit your loose change directly into your GoTyme account using coin deposit machines.
The fast-growing digital bank announced that Filipinos living abroad in more than 170 countries can now open a GoTyme Bank account using an international SIM. (READ: [Finterest] Is a digital bank safe, and how can you best use it?)
These accounts would have the same benefits as a local account, with deposits through remittance partners, free GoTyme to GoTyme transfers, three free weekly real-time transfers to other banks, and access to bills payment services while abroad.
GoTyme is now also the first bank partner to be integrated into the Bangko Sentral ng Pilipinas’ coin deposit machines. Customers can now bring their loose coins and use the popular machines to credit them directly into their GoTyme bank account. Prior to this, the coin deposit machines only allowed customers to credit the amount to their GCash or Maya e-wallets. (WATCH: How to use the Bangko Sentral’s new coin deposit machines)
During a product launch on Thursday, July 18, the digital bank also unveiled its new mobile check deposit facility, which allows users to deposit checks below P500,000 through the app at any time.
GoTyme customers may also have access to cryptocurrency and stock investments through their app soon, although regulatory approvals are delaying a potential launch.
“We’ve been held up for the launch on investments. We’re just working through regulatory approvals on both crypto and equities,” GoTyme chief executive officer Nathaniel Clarke said on Thursday. “We have both local and international partners for crypto and shares. We’ve actually already developed the product.”
“It’s ready to go. Just push the button,” GoTyme co-CEO Albert Tinio added.
In the long term, GoTyme is also looking to launch its own credit cards by the end of 2025 at the earliest. It’s also preparing to launch a “QR-based credit card” by the beginning of next year.
GoTyme, a joint venture between Tyme Group and members of the Gokongwei Group, is now the fastest growing bank in the Philippines, adding more than 250,000 new customers a month. The bank is on track to reach 5 million customers by the end of the year.
“If you look at monthly app downloads, we’re the number one bank. If you look at growth in monthly active app users, we’re the number one bank. If you look at growth in InstantPay transactions month on month, we’re number one. We’re also now number two and fastest growing in Visa debit card transactions,” Clarke said.
The digital bank has P17.3 billion in deposits as of July 2024 and anticipates hitting over P20 billion by the end of 2024. – Rappler.com
