Showing posts with label GoTyme Bank. Show all posts
Showing posts with label GoTyme Bank. Show all posts

November 5, 2024

GoTyme Bank, foodpanda launch loan program for MSMEs

GoTyme Bank and foodpanda have joined forces to empower micro, small, and medium enterprises (MSMEs) within foodpanda’s online food and grocery delivery platform. This collaboration offers partner vendors flexible financing for working capital, providing them the financial boost they need to sustain their businesses.

The loan program directly addresses the financing challenges faced by MSMEs in today's economic climate, characterized by rising operational costs and lack of access to funding.

It gives online food delivery entrepreneurs easy access to capital at competitive interest rates with a simple application and repayment process. The program also complements foodpanda’s existing “Negosyo Like a Panda” initiative, which offers business loans to partner vendors to fuel their business growth.

Standing: Shern Teo, GoTyme Bank Head of Strategy and Lending, John Kane, GoTyme Capital Asia Head, Jan Mikee Regalario, foodpanda Philippines Fintech Lead, Valerie Alivia, foodpanda Philippines Fintech Manager

Sitting: Albert Tinio, GoTyme Bank Co-CEO, Nate Clarke, GoTyme Bank President and CEO, Leopoldo De Castro Jr., foodpanda Philippines Finance Director, Shaun Princess Opulencia-Malalad, foodpanda Philippines Head of Fintech


Championing Filipino MSMEs

GoTyme Bank, a collaboration of Tyme, a multi-country digital banking group, with members of the Gokongwei Group, is the country’s fastest-growing bank, with 4.5 million customers, having operated for less than two years.

foodpanda is a subsidiary of global food delivery leader Delivery Hero, an on-demand food and grocery platform headquartered in Singapore. It is committed to delivering customers their favorite meals quickly. Today it is the largest food and grocery delivery platform in Asia, operating in 11 Asian markets comprising thousands of restaurants across 400 cities. It was launched in the Philippines in 2014, and today delivers meals from curated local restaurants to food lovers nationwide. Currently operating in 150 cities and municipalities, the platform continues its expansion across the country.

This partnership aligns with GoTyme Bank’s mission to support Filipino entrepreneurs by bridging the credit gap for MSMEs, which form a growing portion of its customer base.

GoTyme Bank, together with foodpanda, empowers MSMEs to thrive by streamlining the loan application process and offering flexible repayment options. Through this partnership, foodpanda partner merchants can focus on their core operations while enjoying the convenience of paying more during peak seasons and less during lean times. This tailored approach helps MSMEs optimize their cash flow and achieve their financial goals.
Nate Clarke, GoTyme Bank President and CEO and Leopoldo De Castro Jr., 
foodpanda Philippines Finance Director

“We are committed to leveraging GoTyme’s expertise in digital banking and MSME lending,” says Lhecks De Castro, foodpanda Philippines finance director. “Since majority of our partner vendors come from the MSME sector, our goal is to offer innovative and accessible loan products specifically designed for them. This partnership goes beyond digital inclusion for our MSME partners; it prioritizes their financial empowerment.”

GoTyme Bank President and CEO Nate Clarke says he appreciates foodpanda’s recognition of GoTyme’s dedication to supporting MSMEs. “Through this exciting partnership, we look forward to providing entrepreneurs with the crucial financial support they need to achieve their dream business,” he says.

September 12, 2024

BSP partners with GoTyme Bank to become the first bank to support Coin Deposit Machines

GoTyme Bank partners with the Bangko Sentral ng Pilipinas (BSP) to allow customers to deposit their coins and turn them into high-interest savings. Now integrated into the BSP’s Coin Deposit Machines (CoDMs), GoTyme Bank offers an additional deposit option for users. If you, like many Filipinos, tend to collect loose change this is your chance to convert these coins in a straightforward and hassle-free manner.

Simply visit a CoDM located at a mall near you. Here, you’ll see instructions on how to deposit your coins in your GoTyme account through the machine. Next, simply follow the same Deposit-Withdrawal procedure on your GoTyme Bank app. This will generate a secure barcode for you to scan to credit the deposit to your account. Should the barcode fail to scan, you can enter the code manually.

Turning Idle Coins Into Interest-Earning Deposits

The BSP launched the CoDM project on June 20, 2023 to address the artificial coin shortage in certain parts of the country. But apart from promoting coin recirculation, it was also a public service that allowed customers to exchange coins sitting idly at home into e-wallet credits, shopping vouchers, and now, bank deposits. It’s especially useful for individuals who do not like carrying coins or those who don’t have time to go to the bank to convert.

As the first bank partner to be integrated into CoDMs, GoTyme Bank offers the unique advantage of being able to convert coins into direct deposits that will earn 4% annual interest—60x more than the average payroll account and certainly more than if they were sitting in piggybank at home. Plus, instead of requiring your phone number, it generates a unique barcode for added privacy and security.

Robinsons Retail President and CEO Robina Gokongwei has been a huge supporter of the BSP’s CoDM initiative, citing how they support economic activity and restore balance in our monetary systems. These machines can be found at select Robinsons Supermarkets nationwide.

Visit a CoDM near you or check out your GoTyme Bank app to learn more.

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