GoTyme Bank and PayMongo Philippines, Inc. have inked a pioneering partnership to expand financial inclusion among SMEs by making business loans more accessible to thousands of SMEs under PayMongo’s merchant ecosystem. Through the partnership, businesses may avail of loans of up to P500,000 through GoTyme’s banking services.
“As GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion. Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,” Nate Clarke, GoTyme Bank CEO, said.
“At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success,” Jojo Malolos, PayMongo CEO, said.
A fully digital financial program, PayMongo Capital powered by GoTyme Bank marks both companies’ initial product offering in its expansion efforts. The streamlined and efficient application process eliminates the lengthy paperwork traditionally associated with financial services, providing a seamless, two-minute, two-screen journey.
The first screen prompts users to input the desired amount and tenor, while the second screen requires confirmation and verification.
PayMongo merchants who qualify will enjoy seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing.
Eligible merchants will receive instant approval, and a cash advance offer complete with flexible repayment options–no collaterals required. To track payments, merchants have access to a fully transparent view of loan transactions through the PayMongo merchant dashboard.
Other notable features include: Flexible term of the loan; Transparent pricing and Flexible pay schedule.
“Going into loans is a big step for GoTyme Bank and we are optimistic that with the partnership with PayMongo, we will be able to give SMEs the best customer service and peace of mind. By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business,” Albert Tinio, GoTyme Bank co-CEO said.
“Together with GoTyme, we capitalize on our shared vision for financial inclusion, leveraging our familiarity with each other to simplify financial solutions. Our streamlined, efficient, and cost-effective approach ensures our valued merchants get the resources they need to make a meaningful impact in their ecosystems. We couldn’t be more excited about the opportunities this partnership creates for the business community. This is a testament to our shared commitment to innovation, efficiency, and the success of the SMEs we serve,” Malolos said.
After one year of effectively positioning itself as the country’s premier digital bank, GoTyme Bank doubles down on the value of personal connection amid the digitalization of banking services through their newest brand campaign.
This multimedia push aims to illustrate the irreplaceable value of the human touch–that despite GoTyme Bank’s digital nature, its customer service still remains the most important touchpoint in building meaningful relationships with clients.
Since its launch in October 2022, GoTyme Bank–a joint venture between the Gokongwei Group and Tyme Group, a Singaporean digital banking group focused on emerging markets–has kept to its promise of next level banking by providing products and services that help Filipinos unlock their financial potential.
The response has been nothing short of successful: by August, two months before the anniversary of its launch, GoTyme Bank breached the 1 million customer mark, thanks to the digital platform’s consistent focus on human banking–the first in the Philippines with a “phygital” model, seamlessly blending the convenience of digital technology and human-led touchpoints in its operations.
The delicate crossover between digital technology and human touchpoints is encountered seamlessly from the moment a customer opens an account with GoTyme Bank: over 900 GoTyme Bank ambassadors are available throughout the country, ready to guide customers in opening their accounts via GoTyme Bank kiosks in key areas. In a world of automated responses, customers can call, chat with, or email human personal bankers who are available 24 hours a day, 7 days a week.
To reinforce the personal connection and facilitate efficient customer service, GoTyme Bank ensures that one personal banker will deal with a customer’s concern. This personal banker will respond to a chat in 1 minute, pick up a call in 2 minutes, or revert via email or direct message in social media within 3 hours. That said, GoTyme Bank promises no chatbots or call menus: customers get to speak directly to a human.
The GoTyme Bank campaign revolves around the belief that “The more digital the world becomes, the more human a bank needs to be.” It’s both a challenge and a responsibility especially relevant for digital banks–and GoTyme Bank pushes forward with the campaign in the hopes of embodying their commitment to being a human digital bank.
