Software-as-a-Service (SaaS) cloud banking platform Mambu has been chosen by GoTymeBank, a newly-launched Filipino digital bank, to deliver a digital banking solution to improve access to financial services in the Philippines.
Singapore’s Tyme Group has partnered with Gokongwei Group to launch GoTyme Bank in the Philippines and has previously worked with Mambu, which also powered TymeBank in South Africa.
GoTymeBank will follow the approach taken by the digital bank in South Africa, by offering digital banking services via kiosks set up in retail outlets belonging to Robinsons Retail Holdings under the Gokongwei Group.
By the end of 2023, GoTyme Bank intends to have 348 kiosks in operation.
“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’ in order to have the capacity to scale efficiently, so Mambu’s SaaS cloud-native, API-first banking platform was the obvious choice for us,” Nate Clarke, president and CEO of GoTyme Bank, said.
Clarke added: “We understood what the Mambu platform was capable of, and we were confident it would enable us to ‘lift and shift’ 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.”
At launch, GoTyme Bank will offer a number of products and services, including a free Visa debit card for in-person and online purchases, bank transfers via the mobile app, and a valuable rewards program, Go Rewards, through partner Robinsons, with more launches planned for the coming months.
According to Clarke, while access to electronic payments has “radically improved” over the past few years in the Philippines, still less than 3% of Filipinos have access to affordable credit, such as a credit card, and fewer than 3% have access to insurance.
Werner Knoblich, chief revenue officer at Mambu, said that TymeBank in South Africa successfully serves a customer base with similar levels of financial exclusion as the Philippines.
“Mambu and Tyme Group’s prior experience working together meant that we truly hit the ground running in the Philippines and didn’t need to ‘reinvent the wheel’ in a lot of instances,” added Knoblich.
“The result is an innovative, unique and customer-centric digital bank that has been designed specifically to meet the needs of Filipinos.”
Christopher Bennett, GoTyme Bank’s chief technology officer, confirmed there are plans to launch similar digital banks in other parts of Asia, powered by Mambu’s cloud banking platform.