Push Admin

Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei

Article (news)

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

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Sudoku

Word of the Day

Lotto

Horoscope

Business

Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei

Jessica Fenol,

ABS-CBN News

Published September 24, 2021 04:35 PM PHT

|

Updated November 03, 2024 02:40 PM PHT

Read More:

Lance Gokongwei

digital bank

GoTyme

Tyme bank

GoTyme digital bank

BSP

JG Summit

BPI

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

Sign Up

I have read and agree to the Terms and Privacy Policy.

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.