GoTyme Bank, to enter the Philippine consumer banking market

The Asian Banker recently met with Nathaniel (Nate) Clarke, CEO and President of GoTyme Bank, the newest digital bank to enter the Philippine consumer banking market. GoTyme Bank is a joint venture between Tyme Group based in Singapore and the Gokongwei Group, one of the country's largest business conglomerates. Clarke explained how GoTyme's business and distribution model is uniquely adapted to the Philippine context of lower financial literacy and adoption, allowing them to tap into an addressable market beyond Gen Z or young millennials in big cities.
 
GoTyme Bank offers a sleek mobile banking app and a Visa debit card issued on the spot from a kiosk located in Gokongwei group consumer outlets. The bank soft-launched in October 2022 and will have 180 kiosks by April 2023 stationed across various retail supermarkets, with plans to bring this to 400 by the end of 2023. The goal is to leverage Gokongwei's more than 4,000 consumer-facing outlets.
 
Clarke's experience in building TymeBank in South Africa was crucial in developing a sustainable digital franchise in emerging markets. While it may appear counterintuitive for a digital bank to have manned kiosks, Clarke revealed that it has a positive impact on unit economics and the cost-to-value equation per customer.
 
The bank's relationship banking model, through in-person customer engagement during account opening and a 24/7 call center, has driven account activation beyond 80%, based on funded accounts. GoTyme Bank expects to accelerate onboarding by maximizing the ecosystem within the Gokongwei Group which gives them the advantage to expand and reach more users.
 
Clarke also mentioned the importance of focusing on ease of cash management for consumers and how he addresses the cash-in and cash-out challenges. We also discussed how GoTyme's integrated operations at the front and back office with the Gokongwei Group allow them to build scale, and his journey to build a sustainable and profitable business in the next years.