GoTyme Bank, a modern digital bank from Gokongwei Group in partnership with the Singapore-based Tyme Group, has officially launched in the Philippines.
The venture adapts a “phy-gital” model, combining both the physical touchpoints such as kiosks and secure digital transactions online via its app to help Filipinos with their financial needs.
With a high-tech approach, GoTyme Bank offers customers to open an account in just five minutes through its kiosks, for them to avail services such as:
- bank transfers
- shopping rewards
- interest savings
- customer service
Not only that, GoTyme will also have a debit card, rivaling the likes of Maya and GCash MasterCard. This allows customers to make transactions from local and international ATMs, including free transactions at Robinsons-affiliated retail outlets.
Currently, there are already 15 kiosks in select Robinsons supermarkets, with more locations set to open soon.
Send, shop, save
GoTyme Bank is also leaning on its Send-Shop-Save value proposition in hopes of standing out against rivals.
The service offers three free transfers a week straight from the app, on top of always free intra-GoTyme transfers.
The Go Shop feature, meanwhile, gives customers a better shopping experience, as each swipe of their GoTyme debit card will lead to GoRewards points at partner Robinsons stores. These points may be redeemed afterwards.
Lastly, Go Save lets patrons earn interest with no worries on promo durations and minimum balances. The “Save Your Change” feature will let people save too by rounding up to the nearest 10 or 100 pesos and putting that excess change automatically into a Go Save account.
Manulife launches online shop for insurance services
Digitizing their insurance service
Manulife is riding the digitization train, launching a Manulife Shop that will allow Filipinos to purchase affordable insurance conveniently online.
The website may be accessed here. Customers may avail of annually renewable insurance products with up to a PhP 1 million life protection coverage.
The timing of the site’s unveiling follows suit Manulife’s recent study titled “The Modern Filipino Family: Exploring family dynamics and digitalization amid the new normal” where the insurance provider discovered the following findings:
- 90% of Filipinos surveyed use e-commerce apps
- 82% use finance apps for cashless payments or to buy insurance
- 25% of Gen Xers and 33% of millennials have bought insurance online in the past year
- 41% of Gen Zers are considering purchasing insurance online in the next year
Additionally, participants have citied convenience (45%), sense of security (22%), and protection (17%) as the top 3 reasons why they have bought insurance policies online.
Here are the three services customers may avail online through the newly-launched website:
- 365 Ready Accident: Accident life insurance plan that covers accidental death, dismemberment, total permanent disability, double indemnity, and family assistance for as low as PhP 199/year
- 365 Ready Life: Term life insurance plan providing coverage for as low as PhP 249/year
- 365 Ready Duo: Combination of term life and personal accident insurance plan that provides both life and accident protection benefits for as low as PhP 448/year
You can now customize your username with Maya!
Send and receive money with just your username!
Maya, an all-in-one digital bank, rolls out a new feature that lets you send and receive money with your very own usernames.
The feature is a first-of-its-kind — giving a more personalized, convenient, and safer way to transfer money. It’s similar to how you tag your family and friends on social media.
Simply use your username when requesting payments! It also keeps your personal data private, hiding your account name and mobile number.
How to set it up?
To set up your Maya username, you just need to tap the profile icon and tap “get started.” Then, key in your preferred username and hit confirm. Finish the setup by keying in the one-time password (OTP) sent via SMS.
Once it’s registered, you can now ask your friends and family to use your username to send money to your account.
“Sending money via @username is just one of the innovative features which make money management with Maya more fun and rewarding. With up to 6% savings interest rate and free bitcoin or cashback offers, Maya is easily the most engaging and rewarding payments and banking platform for your money,” said Pepe Torres, Chief Marketing Officer for Maya Philippines.
A personal touch for your money transactions
Maya has also partnered with Giphy to help add a personal touch to every money transaction. Choose over 10 billion GIFs and throw off some GIF action.
Maya cited among 250 promising global fintech firms
The fastest-growing digital bank joins the 2022 CB Insights’ Fintech 250 list
Maya (formerly PayMaya) has just been cited as one of the top 250 promising global fintech firms, according to CB Insights.
The company was named alongside an elite international roster in CB Insight’s fifth-annual Fintech 250 ranking: digital banks Revolut and N26; PayPal-backed payment processor Stripe, merchant platform Pine Labs, and crypto platform Binance.
Maya, through its parent company Voyager Innovations, was recognized due to its strong record of execution, taking the crown as the only platform with an all-in-one money app, leading merchant payment processors, extensive MSME on-ground network, and being the fastest-growing digital bank in the Philippines.
“We are proud to be recognized alongside other trailblazers in the global fintech space. Being on this list validates our thrust of providing an integrated experience to our customers through our comprehensive digital financial ecosystem. It is also a testament to the world-class organization that we’ve built,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder.
One of the 250
Over 12,500 private companies that include applicants and nominees, CB Insights selected Maya as one of the 250 winners. The criteria for winning were chosen based on factors such as R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.
“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance,” said Brian Lee, SVP of CB Insights’ Intelligence Unit.
“Representing more than 30 countries, these companies are creating safer and more efficient payment methods and transforming how traditional banking, insurance, and investing products are delivered.”
A successful rebrand
After its successful rebranding, the company has expanded beyond payments, introducing game-changing digital banking innovations across its unique ecosystem of 51 million consumers and network of 1.2 million MSMEs.
In just three months after its launch, Maya Bank became the fastest-growing digital bank in the Philippines, smashing records by recording over PHP5 billion in deposit balance and over 650,000 bank customers in just three months after its launch.
Furthermore, Maya Bank is the only digital bank to offer loan products within a quarter from its launch. It was able to scale fast because it leveraged the ready pool of rich transactional data from its payments business.
Moreover, Maya became the second tech unicorn in the Philippines in March 2022. The company was backed by global investors including KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, First Pacific Company, and PLDT. END
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