GoTyme Bank to Introduce Credit Cards Next Year

Plans are now underway for GoTyme Bank to roll out its own credit cards. According to the digital bank, it is preparing to launch a “QR-based credit card” early next year. Physical credit cards may follow by the end of 2025 at the earliest, as these are expected to take more time, especially with the interest rate cap currently set at three percent.

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The credit cards are just one of GoTyme’s loan products in the pipeline. The Gokongwei-backed bank is also looking to expand its payroll-related offerings, following its acquisition of SAVii, one of the largest salary lenders in the Philippines, in May.

“I think the bigger growth from a lending perspective in the [coming year] will come through our shareholders’ acquisition of SAVii,” GoTyme president and chief executive officer Nathaniel Clarke told the media. “We’re going to be partnering with them to expand salary lending [and] our payroll account offering because they have about 150 corporates and serve over half a million employees.”

Earlier, GoTyme also forged an alliance with payment solutions provider PayMongo Capital to finance merchants, which it says has been performing “above expectations.” The program will soon conclude its pilot phase, paving the way for the digital bank to provide loans to more businesses.

Customers can expect not just new lending products but also cryptocurrency and stock investments. GoTyme says those are actually ready for launch; it's just encountering slight delays in approvals.

“We’ve been held up for the launch on investments,” said Clarke. “We’re just working through regulatory approvals. [....] We have both local and international partners for crypto and shares.”

GoTyme, a joint venture between the Gokongweis and Singapore-headquartered Tyme Group, is stepping up efforts to widen its portfolio as it expects to reach more than P20 billion in deposits by year-end. It is now one of the fastest-growing banks in the Philippines, with over 250,000 new customers every month and roughly 600 percent year-on-year growth in monthly transactions.

Summit Media, which publishes Esquire Philippines, is owned by the Gokongwei Group, similar to GoTyme Bank.