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April 12, 2024

From startup to profit in 3 years? Gokongwei-backed GoTyme unveils aggressive growth plans

GoTyme Bank, a joint venture between Singapore-headquartered Digital banking group Time and the Gokongwei family, is setting an ambitious target: achieving profitability within three years.

This goal will be fueled by a strategic product rollout and a focus on rapid customer acquisition, according to a report by BusinessWorld.

GoTyme boasts a strong start, having already amassed 2.7 million customers. The bank aims to double that number by the end of the year, reaching a target of five million customers.

Leveraging the experience and success of its sister company, TymeBank, which has established a strong presence in South Africa, GoTyme anticipates an accelerated path to profitability.

Recognizing the crucial role of small and medium-sized enterprises (SMEs) in the Philippine economy, GoTyme will offer loan products specifically tailored to their needs.

Catering to a growing demand for diversified financial instruments, GoTyme will introduce dollar deposit accounts and investment options.

The bank will incentivize customer spending through a rewards program linked to Visa debit card transactions.

This strategic product diversification, coupled with the rising demand for digital financial services in the Philippines, fuels GoTyme’s optimistic outlook.