MANILA - The Gokongwei Group has formally launched the country's newest digital bank, GoTyme.

Top officials from the conglomerate were present at the launch event in Makati signaling the group's confidence in the digital bank space.

JG Summit President and CEO Lance Gokongwei, Robinsons Retail Holdings CEO Robina Gokongwei-Pe, South Africa's Ambassador to the Philippines BN Radebe-Netshitenzhe were present at the event.

"We're really trying to democratize financial services by making financial services and savings really easy to do, not something very scary," said Gokongwei.

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GoTyme, a partnership of Gokongwei Group and the South Africa and Singapore-based Tyme, is among six digital banks given license by the Bangko Sentral ng Pilipinas. It hopes to use the resources of the Gokongwei Group, like malls and convenience stores, to reach out to more Filipinos.

It has a mobile app and offers features like a 3% interest rate for savings and a free physical card that can be used worldwide.

Ayala-owned BPI will be a shareholder of GoTyme once the merger of BPI and Robinsons Bank is completed.

Gokongwei said, "Robinsons Bank is one of the main shareholders of GoTyme, together with Robinsons Retail Holdings and Robinsons Land. And upon the merger of Robinsons Bank with BPI, then BPI will become a shareholder of GoTyme as well."

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