It ain’t broke, so GoTyme Bank won’t fix it

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Hello reader,

If it ain’t broke, don’t fix it.

It’s an adage more of us should try to follow but I think most people are guilty of overthinking. I know I am.

Follicly challenged Manchester City coach Pep Guardiola is perhaps the best example of why we shouldn’t try to fix things that are working. How many huge matches has his team lost because of his compulsive desire to tinker with a winning formula?

Earlier this year, he finally brought the Champions League glory the British team had been so desperate for. How did he do it? By ignoring his instinct to fix something that wasn’t broken, and using the same players in the final that had brought him success all year.

In contrast, GoTyme Bank isn’t trying to fix something that ain’t broken in its quest for digital banking glory in the Philippines. Rather, it’s using a tried-and-tested approach that worked for one of the joint venture’s parent companies.

Today we look at:

• GoTyme Bank’s efforts to tap into the underbanked population in the Philippines
• AC Ventures’ investment in an Indonesia-based food traceability platform
• Other newsy highlights such as Binance US hiring a former SEC member to run its operations and online beauty retailer Evo Commerce recording soaring revenue.

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It’s GoTyme

Image credit: Timmy Loen

Tyme Group and Gokongwei Group may originate from very different corners of the world, but they think their combined strengths will help them take over digital banking in the Philippines.

Their joint venture GoTyme Bank is trying to replicate Tyme Group’s success in South Africa by tapping into the large underbanked Filipino population.

• In-person strategy: TymeBank found success in South Africa by placing in-store kiosks in the outlets of a large local supermarket chain. Gokongwei Group owns the conglomerate JG Summit, which has more than 4,000 consumer-facing outlets across the Philippines via its various companies. This gives the joint venture a sizable ecosystem to replicate the South African playbook and it already has kiosks that can issue Visa cards on the spot in the various retail outlets belonging to the Group.
• Educating the market: GoTyme Bank aims to ensure that its customers engage deeply with the platform by marrying a digital and in-person experience. The bank’s kiosk ambassadors are key to this goal, as they can help customers by teaching them how to use their new bank cards, for example. As fewer than 3% of Filipinos have access to credit cards, educating them will be vital to the firm’s success.
• Eyes on Vietnam: The bank is already looking into expansion in Vietnam, where it has a product development and engineering hub. Tyme Group founder Coenraad Jonker said that all being well, the bank could enter the country next year. However, it still has to prove its model will work in the Philippines, where KYC compliance and ensuring profitability could be challenging.

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