GoTyme Bank: A contender for the Philippines’ banking crown?

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IN FOCUS

In today’s newsletter, we look at:

• GoTyme taking advantage of the ecosystem of its parent, Gokongwei Group, to expand in the Philippines
• IGrow changing its name to Modalin amid ongoing controversies in Indonesia
• Indonesia’s BCA exceeding Singapore’s DBS and UOB in brand value

Hi there,

Collaboration emerged as the predominant theme during the ASEAN Summit in Jakarta last weekend. The consensus was clear: Growth doesn’t always have to be about competition, as emphasized by panelists from across the region.

In the dynamic startup landscape, collaboration becomes indispensable, especially during challenging times like the tech winter. Notably, in Indonesia, there’s been a growing trend of fintech companies venturing into the banking sector through investments in public banks.

Across the seas in the Philippines, the Gokongwei Group, a local conglomerate, has joined hands with Singapore-based digibank Tyme Group to establish GoTyme Bank. This tie-up has enabled Tyme to tap into Gokongwei’s extensive network of 4,000 consumer-facing outlets.

Within just four months of its soft launch in October 2022, GoTyme Bank garnered 300,000 sign-ups, as highlighted by my colleague Simon in this week’s Big Story. The company aspires to be the largest bank in the country.

Meanwhile, in this week’s Hot Take, I look into the rebranding of iGrow, a peer-to-peer lender in Indonesia, following recent controversies that may have marred its reputation.

With the company facing a pending lawsuit from lending partners and lingering financial risks, the pressing question is: Will this rebranding alone be enough to address these challenges?

— Budi

THE BIG STORY

GoTyme digibank taps into Gokongwei ecosystem in bid for top spot in Philippines

Image credit: Timmy Loen

GoTyme has over a million customers in the Philippines, and an expansion into Vietnam might be on the cards.

THE HOT TAKE

NEWS YOU SHOULD KNOW

FYI