GoTyme Bank has become the first digital bank in the Philippines to launch co-branded automated teller machines, which will allow users to withdraw cash without incurring fees.
The bank on Friday (March 1) started deploying the ATMs in high-traffic areas such as malls, transport hubs, grocery stores, and tourist spots.
The machines, made possible with a partnership with US-based provider of electronic payment services Euronet, will help expand GoTyme’s physical network. In addition to the aforementioned ATMs, the bank, which has a “phygital” thrust of marrying the physical with the digital, also has over 400 GoTyme kiosks that come with brand ambassadors to help prospective customers sign up for an account.
A joint venture between Philippine conglomerate Gokongwei Group and South Africa-based TymeBank, GoTyme is also set to launch a multi-currency time deposit product, starting with the US dollar, becoming one of the first digital banks to launch the innovation.
The product, which will launch officially in the next two months, allows customers to open a US dollar time deposit account for as low as US$1. The product will have a three-month tenor option that comes with a 3% interest rate and a six-month tenor offering 3.5% interest.
“We're amplifying our product line-up to offer you even more ways to securely grow your money, in line with our mission of delivering a full suite of banking services,” says GoTyme co-chief executive officer Albert Tinio.
In addition to the ATMs and the multi-currency time deposit product, GoTyme also plans to launch an in-app service that allows customers to request bank statements and bank certificates for free.
“GoTyme users can now easily generate a bank certificate or bank statement for free on the GoTyme Bank app, making it easier for Filipinos to secure essential documents for loans or visa applications,” the bank says. Traditional lenders typically charge 100 pesos (US$2) to 300 pesos for the service.
“At GoTyme Bank, we set out to fill the gap left by traditional financial institutions by delighting customers with a banking experience that is simple, beautiful and rewarding,” says co-CEO Nate Clarke.
GoTyme plans other innovations, including allowing customers to cash into their accounts through convenience stores nationwide, enabling customers to generate their personal QR code to send and receive money, and more partners with which to earn GoRewards points.
