GOTYME BANK has disbursed over P5 billion in loans as of end-July, driven by continued customer growth.
“We hit seven million customers today, about P32 billion in deposits and over P5 billion in loans,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke told reporters on Thursday.
This puts the digital bank on track to reach its target to have nine million customers by the end of this year, Mr. Clarke added.
GoTyme Bank on Thursday announced its partnership with social media platform TikTok, which aims to help bridge the funding gap for micro, small, and medium enterprises (MSMEs). It launched customizable loans for businesses operating on TikTok Shop, the app’s e-commerce platform.
Meanwhile, the digital bank is also looking to roll out a local stock investing feature within this quarter.
It will also introduce other services such as cryptocurrency trading via its app, cash deposit and withdrawal machines with self-service and off-us functionality, as well as a new reward points earning scheme through Go Rewards.
Under the new scheme, users can get one point per P100 spent at partner stores and a point per P500 spent elsewhere, which they can use to book flights or pay for their purchases.
GoTyme Bank recently launched a buy now, pay later product.
Based on its latest balance sheet, GoTyme Bank had assets worth P35.3 billion as of March. Its gross loan portfolio stood at P5.46 billion, while deposit liabilities were at P28.91 billion in the same period.
The bank booked a net loss of P2.47 billion in 2023, widening from the P909.67-million loss in 2022, due to higher expenses, its latest available annual report showed.
GoTyme Bank began commercial operations in October 2022 and is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group and Singapore-based Tyme Group. — Aaron Michael C. Sy
