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GoTyme Bank Partners With Mambu to Support Financial Inclusion in the Philippines

Newly established Filipino digital bank GoTyme Bank has partnered with software-as-a-service (SaaS) cloud banking platform Mambu. The cloud banking company aims to deliver a digital banking solution that improves access to high-quality financial services across the Philippines.

Singapore-based Tyme Group recently partnered with Gokongwei Group to launch GoTyme Bank in the Philippines. Tyme Group had an existing long-standing relationship with Mambu, thanks to the organisations working together for many years in South Africa. Mambu powered South Africa’s TymeBank to transition into a fully-fledged digital bank.

In the Philippines, GoTyme Bank aims to provide digital banking services via kiosks placed in retail outlets. The bank plans to ensure 500+ kiosks are in operation by the end of 2023. GoTyme Bank hopes the introduction of the kiosks will bring high-quality financial services to millions of Filipinos currently excluded from the formal banking system.

Singapore-based Tyme Group recently partnered with Gokongwei Group to launch GoTyme Bank in the Philippines. It plans to set up its kiosks in retail outlets belonging to Robinsons Retail Holdings Inc under the Gokongwei Group.

Nate Clarke
Nate Clarke, president and CEO of GoTyme Bank

Nate Clarke, president and CEO of GoTyme Bank, commented on the partnership. Clarke said: “With the knowledge gained from transitioning TymeBank in South Africa to a fully digital bank, we knew we needed GoTyme Bank to be ‘born in the cloud’ in order to have the capacity to scale efficiently, so Mambu’s SaaS cloud-native, API-first banking platform was the obvious choice for us.

“We understood what the Mambu platform was capable of and we were confident it would enable us to ‘lift and shift’ the TymeBank digital bank concept from South Africa to the Philippines, a market very similar in some ways, but very different in others, particularly in terms of the regulatory landscape.”

Financial inclusion

Clarke also commented on supporting those currently facing financial exclusion. He continued: “Access to electronic payments has radically improved over the past few years in the Philippines, but access to basic accounts is only the beginning of what is required.

“Today, less than three per cent of Filipinos have access to affordable credit such as a credit card. Less than three per cent have access to insurance, and less than three per cent have access to high-yield investments. Every year, millions of smart, employed Filipinos fall short of their potential because they do not have access to high-quality banking products. At GoTyme Bank, we are here to unlock the financial potential of all Filipinos through next-level banking.”

Werner Knoblich
Werner Knoblich, chief revenue officer at Mambu

Werner Knoblich, chief revenue officer at Mambu, also discussed how the service could improve financial inclusion in the region. Knoblich said: “TymeBank in South Africa has proven to be incredibly successful in serving a customer base with similar levels of financial exclusion as the Philippines.

“Mambu and Tyme Group’s prior experience working together meant that we truly hit the ground running in the Philippines, and didn’t need to ‘reinvent the wheel’ in a lot of instances. The result is an innovative, unique and customer-centric digital bank that has been designed specifically to meet the needs of Filipinos.

“Like the Tyme Group, our focus with everything we do is making banking better for everyone and improving access to financial services, so this partnership is rewarding on many levels.”

Products and services on offer to customers via GoTyme Bank at launch include a free Visa debit card for in-person and online purchases.

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