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Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="JG Summit Holdings President and CEO Lance Y. Gokongwei attends the inauguration of Robinsons Land Corp’s first township, Bridgetowne, on September 4, 2019. Jonathan Cellona, ABS-CBN News/File" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/tvpatrol/09/16/bridgetown-inauguration-jc-5292.jpg" class="fr-fil fr-dib"/><figcaption>JG Summit Holdings President and CEO Lance Y. Gokongwei attends the inauguration of Robinsons Land Corp’s first township, Bridgetowne, on September 4, 2019. Jonathan Cellona, ABS-CBN News/File</figcaption></figure></div><p>MANILA - JG Summit CEO Lance Gokongwei said Friday the group hopes to launch its digital bank GoTyme by the middle of next year.</p><p>GoTyme is the digital bank of the Gokongwei Group with its partner Tyme Bank of South Africa.</p><p>The digital bank has earlier secured a license to operate from the Bangko Sentral ng Pilipinas under its new digital banking framework. [DIGITAL BANKING FRAMEWORK https://news.abs-cbn.com/business/11/27/20/bsp-recognizes-digital-bank-as-new-bank-category]</p><p>&quot;GoTyme was formed to assist the mandate of the BSP, to serve the unbanked,&quot; Gokongwei told ABS-CBN News in an exclusive interview following his one-on-one with BPI chairman Jaime Augusto Zobel de Ayala for his online mini-series After Six.</p><p>&quot;We hope to have the bank running with our partners who operate the leading digital bank in South Africa, by next year, by the middle of next year,&quot; he added.</p><p>The BSP earlier said it would grant 7 digital bank licenses before closing its doors to new applications by Aug. 31, 2021.</p><ul class="op-related-articles"><li><a href="https://news.abs-cbn.com/business/08/16/21/gokongwei-backed-digital-bank-gets-bsp-license">Gokongwei-backed digital bank GOtyme gets BSP license</a></li><li><a href="https://news.abs-cbn.com/business/08/19/21/bsp-to-stop-accepting-digital-bank-applications-aug-31">Bangko Sentral to stop accepting digital bank license applications by Aug. 31</a></li></ul><p>So far, the other digital bank license holders are Landbank&#x27;s Overseas Filipino Bank (OF Bank), Tonik Bank, UnoBank, Union Digital Bank and the latest addition, PayMaya&#x27;s Maya Bank.</p><ul class="op-related-articles"><li><a href="https://news.abs-cbn.com/business/07/21/21/unionbank-bsp-approved-digital-bank">BSP approves UnionBank application to create digital bank</a></li><li><a href="https://news.abs-cbn.com/business/09/20/21/paymaya-gets-digital-bank-license-from-bangko-sentral">PayMaya gets digital bank license from Bangko Sentral</a></li></ul><p>GOTyme is likely to become a &quot;competitive&quot; digital bank, supported by the network of the entire Gokongwei group, the official said. The Gokongwei Group has interests in airlines, real estate, banking, food and energy, among others.</p><p>But Gokongwei said it&#x27;s the Filipino people who would benefit the most from these financial innovations.</p><p>&quot;I think when you have 7 players, ang mananalo dito ay &#x27;yung consumers (it&#x27;s the customers who will win). Essentially, this can only be beneficial to the Filipino nation kasi they have more choices,&quot; he said.</p><p>Digital banks are financial institutions with no physical branches which also aim to simplify the on-boarding process in acquiring banking services thus improving financial inclusivity in the country.</p><p>Digital transactions surged during the COVID-19 pandemic as Filipinos stuck at home sought ways to complete financial services. This provided a much-needed boost to the BSP&#x27;s digitalization <a href="https://news.abs-cbn.com/business/10/12/20/bangko-sentral-unveils-digital-payments-roadmap">roadmap</a>.</p><p>The central bank aims to digitalize 50 percent of payments and encourage 70 percent of the population to open bank accounts by 2023.</p><ul class="op-related-articles"><li><a href="https://news.abs-cbn.com/business/10/08/20/bangko-sentral-to-lay-down-rules-for-digital-banks">Bangko Sentral to lay down rules for ‘digital banks’</a></li><li><a href="https://news.abs-cbn.com/business/07/08/20/covid-19-pandemic-highlights-increasing-importance-of-digital-transactions-bsp">COVID-19 pandemic highlights &#x27;increasing importance&#x27; of digital transactions: BSP</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1646531" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

JG Summit CEO Lance Gokongwei said Friday the group hopes to launch its digital bank GoTyme by the middle of next year.

Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei

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Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei

Jessica Fenol,

ABS-CBN News

Published Sep 24, 2021 04:35 PM PHT

|

Updated Nov 03, 2024 02:40 PM PHT

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Lance Gokongwei

digital bank

GoTyme

Tyme bank

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