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GoTyme partners with BancNet, Visa to expand reach

GOTYME BANK has teamed up with BancNet and Visa to expand its reach as it starts its operations.

The lender, which is a partnership between the Gokongwei Group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%, is now operating as a digital bank after getting the go signal from the Bangko Sentral ng Pilipinas last month.

The bank on Tuesday launched its partnership with BancNet and Visa at an event in Makati City.

“Visa’s worldwide reach and expertise in digital payments, synergizing with BancNet’s extensive nationwide and offshore coverage, together with GoTyme Bank and the Gokongwei brand’s reputation, technology and understanding of the Philippines market, will offer consumers high-quality banking to every Filipino, and an exciting and rewarding digital payment and money movement experience,” GoTyme Bank, BancNet and Visa said in a joint statement on Tuesday.

GoTyme Bank will launch next month its GoTyme Visa ATM Debit card, which is free for all accountholders.

The lender said customers can get an account and a debit card instantly through its digital kiosks to be stationed in Robinsons shopping malls throughout the country.

“We have a kiosk, developed in South Africa, that enables a customer to onboard and get an account even without having a high-quality phone and cell. It issues a Visa debit card with their name on it personalized in under five minutes,” GoTyme President and Chief Executive Officer Nathaniel Clarke said on Tuesday, adding they will have 200 kiosks by yearend.

“We’re going to start with a very simple savings product, and then over time we will be expanding into several different asset classes or investment,” Mr. Clarke said.

GoTyme said it offers an interest rate “three to five times” higher than traditional banks for its savings account.

Points earned from transactions can also be converted to cash, which will be credited to one’s GoTyme account.

Mr. Clarke said GoTyme Bank put most of its capital into ensuring the security of its cloud-based platform and customer service.

The bank is also set to release its mobile application on Apple’s App Store and Google’s Play Store soon, he said.

Through the bank’s partnership with Visa, GoTyme accountholders can use their cards at automated teller machines (ATM) outside the country and at over 100 million establishments worldwide.

BancNet CEO Elmarie S. Reyes said GoTyme accounts can also be accessed through BancNet’s 24,000 ATMs and used at 480,000 point-of-sale terminals. — DGCR

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