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April 19, 2024

GoTyme eyes more customers in 2023

GoTyme Bank has reported strong growth in its customer base since its launch in late October 2022 and is expecting continued growth due to increased demand for digital financial services.

Bankero, GoTyme Bank President and Chief Executive Officer Nate Park said their users have reached 250,000 since they began operating in late October 2022, better than their expectations.

“We’re ahead of schedule. The demand has been growing, it’s been faster. We’re actually in the process now of reforecasting,” Mr. Park said earlier this month.

“About four months ago, I shared that we were shooting for just over 5 million [users] in the first three years of operations. But with the way things are going, I think we could beat that,” he said.

The digital bank also aims to reach 10 million users in the first five years.

The bank expects that it could onboard about 250,000 users per month once it starts ramping up promotions in the middle of the year.

Similarly, GoTyme expects its recent partnership with Cebu Pacific to contribute to the bank’s growth.

GoTyme is a joint venture between the Gokongwei Group and Singapore-based digital banking group Tyme.

It is one of six entities that secured licenses to operate as digital banks from the Bangko Sentral ng Pilipinas in 2021.