Digital Banking
GoTyme On Track to Double User Base, Targets 10 Million Users in Four Years
GoTyme Bank Corp, backed by the Gokongwei group, is on track to surpass its initial five-year goal. by achieving a milestone of 10 million users within just four years instead of five as previously projected. Nathaniel Clarke, the digital bank’s
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Philippines Digital Banks Attracted US$700 Million So Far as Investors Interest Peaks
In a promising development for the standalone digital banks in the Philippines, more than US$700 million has been invested by both local and global investors, indicating robust growth in this emerging industry. As of the end of 2023, the number
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GoTyme, TymeBank Group to Expand to Vietnam and Indonesia This Year
TymeBank is gearing up to extend its footprint further into Southeast Asia with planned launches in Vietnam and Indonesia, following its profitable operations in South Africa and successful venture in the Philippines. Coenraad Jonker, CEO of TymeBank as well as
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GoTyme Counters Claims of Substantial Losses, Cites Growth and Adoption Metrics
In response to a report published by an online news portal claiming GoTyme Bank faced considerable losses in 2023, the digital bank has labelled these assertions as “incomplete, sensationalised, and misleading.” GoTyme, a venture between the Gokongwei Group of Companies
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UnionDigital Bank to Grow Loan Portfolio to ₱40 Billion, Introduce Virtual Cards
UnionDigital Bank, Inc., the digital banking division of Union Bank of the Philippines, aims to elevate its loan portfolio to nearly P40 billion this year through the introduction of new financial products, including an expanded loan selection and virtual cards.
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BPI to Sell Entire Stake in GoTyme Bank Following Strategic Review
The Bank of the Philippine Islands (BPI) has decided to divest from digital bank GoTyme, selling its entire stake acquired following the merger with Robinsons Bank Corp (RBC). This involves offloading 752,056,290 common shares, with the transaction valued at roughly
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Neobank Zed Unveils “No-Fee” Credit Card in the Philippines
Zed, a credit-led neobank, has introduced what is described as the country’s first credit card that will do away with several common charges. This card uniquely features no foreign transaction fees, interest, or annual charges — it is being billed
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“Big Bang” Bank Upgrades Spell Trouble, Mambu Makes Case for Incremental Change
Core banking systems serve as the backbone of financial operations and customer interactions for banks worldwide. They facilitate critical transactions like loan management, withdrawals, and deposits in real-time. However, maintaining such a system comes at a hefty cost. Financial institutions
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Breaking Down Digital Banking Products in the Philippines
Digital banking has swiftly expanded across Asia, notably achieving reasonable success in nations such as South Korea, China, and Japan. Within Southeast Asia’s digital banking sector, the Philippines joined Singapore as early adopters of digital bank products and services amid
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Only Two of Six Philippine Digital Banks Are Profitable, Says BSP
Recent insights from the Bangko Sentral ng Pilipinas (BSP) have cast light on the challenging environment facing the Philippines’ digital banking sector. According to Melchor Plabasan, Director at the BSP, among the six digital banks operational within the nation, only
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