GoTyme Bank: A Banking Solution for the Future

GoTyme Bank is a digital bank that offers a wide range of services to Filipinos.

GoTyme Bank is a partnership between Yuchengco Group of Companies and Tyme, a Singapore-based fintech company.

This partnership brings together the expertise of two companies to create a unique banking experience.

GoTyme Bank aims to provide financial inclusion to the unbanked and underbanked population in the Philippines.

It offers a user-friendly mobile app that allows customers to manage their accounts and perform transactions with ease.

GoTyme Bank also has a network of physical branches and a vast ATM network for customers who prefer to bank in person.

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GoTyme Bank's approach to banking services is centered around making technology accessible and trustworthy for a wide audience. They've adopted a "phygital" strategy, integrating digital banking services with a physical presence in retail ecosystems.

This strategy has been highly effective, allowing GoTyme to turn retail stores into banking service points and effectively double their addressable market. They've done this by placing around 1200 stores in South Africa and about 500 kiosks in the Philippines.

At each location, GoTyme has placed "ambassadors" to facilitate account opening, issue personalized debit cards, and educate customers on the products in less than five minutes.

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Opening an account with GoTyme Bank is a breeze, taking only five minutes or less, according to their website.

In our experience, it took a bit longer, around six minutes, to complete the entire process. This involved filling out personal information, taking a selfie for Face ID, and scanning valid identification cards.

The process was surprisingly smooth and not bad at all.

At GoTyme Bank, you can open multiple accounts to suit your financial needs and budgeting strategy. The Everyday Account is a non-earning wallet for online payments, shopping, groceries, and bank transfers.

With the GoSave feature, you can earn a 3% annual interest rate on your savings.

The GoTyme Bank app is a game-changer for modern Filipinos, designed to make banking easy and accessible. The app's interface is youthful and premium, despite being nearly absent of color, which makes it look modern and sleek.

One of the standout features of the app is its ability to keep track of transactions at the bottom of the main page, allowing users to easily monitor their financial activity. This feature is a big plus, especially for users who have trouble keeping track of multiple transactions.

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The app's designers have done a great job of making it feel uncluttered and easy to navigate, even with a lot of information stored in one dashboard. This is a big plus, as many users struggle to pay attention to multiple things at once.

The app also has some great security features, such as hiding the debit card number and cash and savings amount by default. This adds an extra layer of protection for users, making it harder for unauthorized access to their accounts.

Another great feature of the app is its speed - it loads very quickly, which is impressive for a new platform. In fact, it's one of the quickest digital banking apps in the Philippines we've tried.

Overall, the GoTyme Bank app is a well-designed and user-friendly platform that makes banking easy and accessible for modern Filipinos.

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GoTyme Bank is expanding its product range and exploring new markets, with plans to enter the Vietnamese market, replicating its successful model in another promising Southeast Asian country.

The bank's ambition underscores its commitment to redefining banking across the Southeast Asia region and beyond. GoTyme Bank is on a path to becoming a dominant player in the Philippine digi-banking landscape.

With a focus on inclusivity, technological innovation, and customer-centricity, GoTyme Bank aims to reach profitability within three years, leveraging its strategic advantages such as shared technological infrastructure and a strong brand presence.

GoTyme Bank is on a mission to reach profitability within three years, a feat they're optimistic about achieving thanks to their strategic advantages.

Their efficient cost structure is a key factor in their ability to offer customer-centric services, such as a 5% base interest rate on deposits, regardless of the amount deposited or the balance maintained.

By leveraging their shared technological infrastructure, they've dramatically reduced the need to develop tech from scratch, a move that's set them up for success.

The strong brand presence and network of the Gokongwei Group have brought accessibility and brand trust to digital financial services, making it easier for customers to adopt GoTyme Bank.

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This community-driven approach has been pivotal in making banking relatable and practical, establishing a loyal and active customer base that feels a part of GoTyme Bank's evolution.

Nate and Albert draw inspiration from TymeBank's success in South Africa, achieving profitability in an unprecedented timeframe, and are aiming to replicate this achievement in the Philippines on an accelerated timeline.

GoTyme Bank's cashback and rewards system is a game-changer for employees struggling with inflation. With the Philippines' inflation soaring to 8%, a 3% interest rate might not be enough.

The bank's unique rewards system earns you points every time you purchase from partner stores like Robinsons Supermarket, Shopwise, and The Marketplace. This means you can earn rewards on everyday expenses.

To test it out, you can claim a free VISA debit card at a GoTyme Bank kiosk and top it up with a minimum amount. You can then use it to shop at participating stores.

After spending P245.50 on health and wellness essentials at Robinsons Supermarket, we instantly received a notification saying we earned 20% from our first purchase. That's 49.1 points, which we can withdraw as cash once we're eligible for redemption.

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GoTyme Bank's parent company, Tyme Group, is planning to expand its product range and explore new markets, with a focus on the Vietnamese market.

Tyme Group aims to replicate its successful model in Vietnam, a promising Southeast Asian country, as part of its next strategic move.

This ambition underscores the bank's commitment to redefining banking across the Southeast Asia region and beyond.

GoTyme Bank's journey is a testament to the power of strategic innovation, community engagement, and collaborative regulation in the digital banking sector.

With a focus on inclusivity, technological innovation, and customer-centricity, GoTyme Bank is on a path to becoming a dominant player in the Philippine digi-banking landscape.

Tyme Group is redefining the standards of banking for millions globally with its innovative approach.

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The "Deserve It" mentality can be both a blessing and a curse. It's okay to reward yourself for hard work, but things can get out of hand if not managed properly.

Jax emphasizes the importance of budgeting when indulging in this mindset. He suggests asking yourself if the expense is budgeted before giving in to the desire.

It's easy to get caught up in the moment and think we deserve something just because we want it. But, as Jax points out, this can lead to borrowing money to buy things we don't really need.

A simple question can help you stay on track: "Is it budgeted?" If the answer is yes, then go for it. If not, it's best to wait.

The "Deserve It" mentality can be a slippery slope, but with some self-reflection and budgeting, you can avoid overspending and stay on top of your finances.

GoTyme Bank is a solid choice for those looking for a modern banking experience. Its mobile-only approach means you can access your accounts and conduct transactions from your smartphone.

With no physical branches, GoTyme Bank saves on operational costs, which they pass on to customers in the form of higher interest rates on savings accounts. This is a win-win for customers who want to earn more on their deposits.

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Their partnership with JG Summit Holdings, a well-established conglomerate, brings a level of financial stability to the bank. This partnership also provides customers with access to a wider range of financial products and services.

GoTyme Bank's mobile app is designed to be user-friendly, making it easy to navigate and use even for those who are not tech-savvy. The app's features, such as real-time account updates and secure transactions, ensure that customers have a seamless banking experience.

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