The Singapore-based global digital banking group Tyme, the parent company of the Gokongwei Group’s ‘phygital’ model bank, GoTyme, last year incurred an annualized revenue run rate of $160 million in 2023.

On the other hand, its flagship South African operation TymeBank becomes the world’s fastest profitable standalone digital bank.

In a statement on Wednesday, the digital bank’s African branch beats the odds as it ranks in the top 5 percent of digital banks globally.

The South Africa operation also qualifies as one of the world’s fastest-growing digital banks, as it secured 8.5 million customers since its launch in February 2019 and achieved 30 percent growth in its small and medium enterprise lending portfolio in 2023.

In contrast, the majority of digital banks take longer to become profitable.

Its co-founder and executive chairman of Tyme Group, Coenraad Jonker expressed “We are proud of our growth in emerging markets, as we bring critical financial access to individuals and businesses. These markets are significantly underserved compared to more established markets, representing enormous growth opportunities for Tyme Group.”

Unprecedented growth

Meanwhile, Tyme Group’s Philippines operation GoTyme Bank, a joint venture with the Gokongwei Group, has reached over 2.3 million customers in just 14 months, onboarding an average of 250,000 customers per month over the past three months.

GoTyme’s first 14 months are significantly ahead of Tyme Group’s South Africa operation on a like-for-like basis, which acquired 1.6 million customers within the same timeframe.

The Tyme Group attributes its record-breaking success and unprecedented growth potential to its unique sales and service model: a combination of digital and human engagement integrated into physical retail ecosystems.

In the Philippines, GoTyme Bank’s phygital model has been met with higher-than-expected demand.

In a society that has only recently begun to embrace digital banking alternatives, Filipinos associate convenient and efficient customer service with direct interactions with people rather than chatbots—a need that GoTyme Bank fulfills by offering access to physical kiosks and banking ambassadors in partnership with partners and retailers nationwide.

Beyond bank ambassadors, the Philippines’ GoTyme Bank democratizes a “preferred banking” experience by offering features, pricing, and customer service that were previously reserved for the top 5 percent.

Examples of this preferred banking include 5-minute account opening and card issuance, the leading debit card loyalty program, high-interest savings with no minimum balance, low InstaPay (money transfer) fees, and a commitment for a human to answer a call or in-app chat in under 3 minutes.

“We are proud of our sister bank in South Africa and we see this as further validation that our unique retail distribution model is a major accelerator in building a sustainable digital bank. This gives us even more confidence that GoTyme is on the right track to build one of largest retail banks in the country and fulfill its mission of unlocking the financial potential of all Filipinos,” GoTyme Bank CEO Nate Clarke said.

By 2027, 32 percent of the population is predicted to have embraced digital banking which bodes well for GoTyme Bank.