GoTyme Bank to launch crypto investments by Q2

GOTYME BANK is looking to launch cryptocurrency investment products within this semester, its top official said.

“It’s not going to be like the way crypto is traded currently, the way you know it. It’s a little bit more subdued and reserved. In fact, we’re only limiting it at this point to, I think, the top 20 stable digital coins,” GoTyme Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio told BusinessWorld on the sidelines of an event last week.

“We’re doing a little more testing, especially with the partner. We don’t want to overcommit. But that’s also launching soon — around the end of the second quarter,” Mr. Tinio said.

The bank will also conduct risk rating of users before allowing them to open crypto investment accounts, he said.

“Our commitment to the BSP is a lot of education prior to the opening of an account,” Mr. Tinio added.

The Bangko Sentral ng Pilipinas approved GoTyme Bank’s Virtual Asset Service Provider (VASP) license in October last year.

VASPs offer services or engage in activities that provide facilities for the safekeeping, administration, transfer or exchange of virtual assets. These products and services include cryptocurrencies and electronic wallets for holding and storing virtual assets.

Mr. Tinio added that equity investments will be available on the digital bank’s platform “soon.”

Meanwhile, GoTyme Bank will also expand its lending partnership with FoodPanda after a successful pilot phase, the official said. “So, hopefully, the deserving FoodPanda merchants who fit into the categories or the algorithm, will be able to get a loan.”

The digital bank now has about six million users, Mr. Tinio said.

“We’re expecting to hit nine million by the end of the year… Over nine million definitely,” he said, adding this will be driven by the deployment of 100 more kiosks for the rest of the year outside of the Robinsons Retail Holdings, Inc. ecosystem.

He added that cash recycling machines will be deployed either late second quarter or early third quarter.

“It’s another channel for deposits and withdrawals. Our only capability, since we don’t have branches, would be over the counter in Robinsons ecosystem or stores, InstaPay transfers, and then cash recyclers. It’s in line with our strategy to also deploy ATMs (automated teller machines). I think we’re now at 20 ATMs and then we’ll start augmenting that with the cash recyclers soon,” Mr. Tinio said.

He said the bank remains “on track” to be profitable by 2026.

“Nothing has significantly changed to derail us from that. So, we’re still there. We’re still on track for 2026.”

GoTyme Bank is one of the six digital banks licensed by the BSP. It is a partnership between the Gokongwei group and Singapore-based Tyme Group, which also operates TymeX in Vietnam, India and China and digital bank TymeBank in South Africa.

Based on its annual report posted on its website, the digital bank booked a net loss of P2.47 billion in 2023, widening from the P909.67-million loss in 2022, due to higher expenses.

Data from the central bank showed that GoTyme Bank’s gross loan portfolio went up to P3.048 billion at end-September 2024 from P1.91 billion at end-June 2024. Deposits also rose to P19.93 billion from P17.25 billion in the same period. — Aaron Michael C. Sy