GOTYME BANK expects its deposits to hit over P20 billion by yearend as it plans to launch more loan products and add more kiosks, its top official said.
“We’ll end up with over P20 billion this year,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke told reporters last week.
The Gokongwei-led digital bank last week said it booked P17.3 billion in deposits to date as its customers reached 3.7 million amid an increase in monthly transactions.
Mr. Clarke said Gotyme Bank is looking at launching a quick-response or QR code-based credit card early next year.
He said they will not be launching a physical credit card yet as this kind of product takes more time to develop due to its complexity and with the current credit card interest rate cap currently set at 3%.
Meanwhile, Mr. Clarke said their loan product that was launched through a pilot last year in partnership with early wage access provider PayMongo has been performing “above expectations,” with credit losses being manageable.
The product will exit the pilot phase soon, he said, which will allow GoTyme Bank to approve more loans to merchants. The bank will add bigger partner merchants this semester, he added.
GoTyme Bank is also looking to expand its loan book through new product offerings following their acquisition of SAVii in May, Mr. Clarke said.
SAVii, previously known as Uploan, is a financial technology salary lender with a loan book of over P3 billion.
“I think the bigger growth from a lending perspective though in the next year will come through our shareholders’ acquisition of SAVii,” Mr. Clarke said. “We’re going to be partnering with them to expand salary lending but also expand our payroll account offering because they have about 150 corporates and they serve over half-a-million employees.”
GoTyme Bank is also awaiting regulatory approval to roll out cryptocurrency and equity investment features on its app, he added.
“We have both local and international partners for crypto and shares. We’ve actually already developed the product. We’re just waiting for regulatory approval, so I can’t give a timeline because it’s out of our hands now. It’s ready to go,” Mr. Clarke said.
GoTyme Co-CEO and Chief Commercial Officer Albert Raymund O. Tinio added that the digital bank is looking to roll out 100 more kiosks by the end of the year.
“It’s an expansion outside of supermarket and retail. What we’ve seen is that we’re getting very good traction in office buildings and outside of the Gokongwei ecosystem as well. We’re seeing a lot of excitement and traction in new customers in large office buildings that house business process outsourcing (BPO) workers,” Mr. Clarke added.
The digital bank partnered with Accenture last year and with Concentrix last month, and is set to announce another BPO partnership soon, he said. — AMCS
