Tyme Group opts for Mambu’s core banking tech for Philippines’ GoTyme Bank and future banks across Asia
GoTyme Bank, a new digital challenger in the Philippines, is running Mambu’s core banking system.
GoTyme Bank runs Mambu’s core banking tech
The banking tech vendor says the newcomer, which opened its virtual doors last summer – is “on-track to revolutionise banking in the Philippines”.
The bank is regulated by the Banko Sentral ng Pilipinas and is a joint venture of Singapore’s banking venture Tyme Group and the Philippines-based Robinsons Bank (plus some other members of the Gokongwei Group that owns Robinsons).
GoTyme Bank offers a mobile banking app and a Visa debit card that can be collected from kiosks located in the retail outlets belonging to Robinsons Retail Holdings at the shopping malls throughout the country. The bank plans to have 500+ kiosks in operation by the end of 2023.
The offering also includes a rewards programme, Go Rewards, via partner Robinsons.
“Access to electronic payments has radically improved over the past few years in the Philippines, but access to basic accounts is only the beginning of what is required,” comments Nate Clarke, president and CEO of GoTyme Bank.
“Today, less than 3% of Filipinos have access to affordable credit such as a credit card, less than 3% have access to insurance, and less than 3% have access to high yield investments such as stocks.
Mambu will provide tech to Tyme Group’s new banks
“Every year, millions of smart, employed Filipinos fall short of their potential because they do not have access to high-quality banking products. At GoTyme Bank, we are here to unlock the financial potential of all Filipinos through next-level banking.”
Tyme Group already has as an established relationship with Mambu, with the organisations working together for many years in South Africa, where Mambu provides its core banking tech to TymeBank.
“With the knowledge gained from transitioning TymeBank in South Africa to a fully digital bank, we knew we needed GoTyme Bank to be ‘born in the cloud’ to have the capacity to scale efficiently, so Mambu’s SaaS cloud-native, API-first banking platform was the obvious choice for us,” explains Clarke.
He says the team was confident Mambu’s platform would enable the “lift and shift” of the TymeBank digital bank concept from South Africa to the Philippines, “a market very similar in some ways, but very different in others, particularly in terms of the regulatory landscape”.
Christopher Bennett, chief technology officer at GoTyme Bank, adds that with the model now proving successful in two countries, planning is underway to launch similar digital banks in other parts of Asia. These will also be powered by Mambu’s tech, Bennett says.
