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June 23, 2024

GoodBank aims to modernize rural banks in the Philippines

GoodTech Information Systems Inc., the parent company of GoodBank, stood out as the lone Filipino startup at the Asian Financial Forum.

Co-founded in 2020 by Jove Tapiador, GoodBank aims to digitize and streamline operations of rural banks in the Philippines.

Facing challenges during the 2020 pandemic, GoodBank adapted by shifting to digital dealings. Despite hurdles, the company became fully operational in 2021, securing Minimum Viable Product status in 2023.

GoodBank’s digital platform addresses pain points for rural banks, allowing them to reach a wider consumer base without physical branch visits. Trust and compliance are central to their approach in the highly regulated FinTech environment.

Tapiador acknowledged challenges in expanding to remote areas with limited internet connectivity but expressed optimism about future opportunities. GoodBank is developing mobile applications, even for offline use, with plans for expansion to connect financial institutions with target markets.