NextGen Day

GoTyme Bank, a digital financial institution, currently provides a 5% annual savings interest rate through its Go Save program.

In a virtual briefing, Nate Clarke, president, and chief executive officer (CEO) of GoTyme Bank, stated that customers will benefit substantially from the savings product because they can individually open up to five different accounts, in addition to the high-interest rate.

“GoTyme Bank is aware that customers demand more from the services provided by traditional banks. GoTyme has taken another significant step in fulfilling its commitment to provide next-generation banking that maximizes the financial potential of all Filipinos with our 5 percent simple savings, he added.

One of the six licensed banks in the nation, the bank began operations in October 2022 and is a joint venture between Tyme, a multi-country digital bank, and Robinsons Bank, Robinsons Land Company (RLC), and Robinsons Retail Holdings Inc. (RRHI).

In five years, it hopes to have five million customers, and in ten, it wants ten million.

Clarke is confident that it will reach its goals because, as of now, they have about 340,000 consumers.

He stated, “Demand has exceeded our expectations, and we do anticipate that the 5 percent (savings interest rate) would hasten consumer onboarding.

The bank has 145 kiosks at various Robinsons Malls and Supermarkets across the nation right now, but it plans to have 400 by the end of 2023.

Other products are in their pipeline, according to Clarke, and some of them will go on sale this year.

By the end of the year, he claimed, they plan to provide an investment product.

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