MANILA — The Philippine digital banking space is now coming of age, an official of digital bank GoTyme said Wednesday.
Speaking on ANC’s Market Edge, GoTyme co-chief executive officer Albert Tinio noted that there is a big market for digital banks in the Philippines.
“The market I think is big enough, and there’s such a gap in the market especially when it comes to these financial products. Very early on, pre-pandemic, traditional banks focused on commercial lending. That left a huge hole, a huge gap to be filled in by digital banks,” he said.
“And I think digital banks are coming of age. It’s a new category the advent of easy-to-use products, easy to understand products to help people come on board and try it.”
GoTyme, which is a part of the Gokongwei Group, hopes to earn a profit in 3 years, Tinio said.
“Our business plan calls for around 3 years, looking to break even but at the rate things are going, I wouldn’t be surprised if we hit that mark much sooner.”
GoTyme said it had made its 1 millionth customer in August. It now hopes to hit the 2 million customer mark by the end of the year.
Tinio said they will meet their goal by expanding their number of kiosks to about 450 by December.
“And then we’re doubling down on what we’d like to call human–centered or human-powered ‘phygital’ banking. Our ambassadors are going to accompany the kiosks and our success advocates or what we call now our personal bankers are always going to be online to help our customers who are coming on board,” he said.
Image by: GoTyme Bank