{"id":62298,"date":"2024-03-22T19:30:00","date_gmt":"2024-03-22T11:30:00","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=62298"},"modified":"2024-03-22T19:31:48","modified_gmt":"2024-03-22T11:31:48","slug":"jg-summit-and-tyme-group-buy-back-bpis-gotyme-bank-stake","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2024\/03\/22\/jg-summit-and-tyme-group-buy-back-bpis-gotyme-bank-stake\/","title":{"rendered":"\u00a0JG Summit and Tyme Group buy back BPI\u2019s GoTyme Bank stake"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>GoTyme Bank\u2019s early success in the Philippines receives recognition when its major shareholders, JG Summit and Tyme, announced the buyout of Bank of the Philippine Islands\u2019 (BPI) remaining minority shareholding in GoTyme Bank at a premium.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BPI assumed a minority stake in GoTyme Bank following its merger with Robinsons Bank in January 2024. Recently, the board of directors of the JG Summit Capital Services Corp., and Tyme Group approved plans to buy the minority stake of BPI, subject to regulatory approval.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since its launch, GoTyme Bank has earned 3 million users in 17 months and was named the top 4 bank in active Visa cards, top 4 bank in active users, ranked third among finance apps, and seventh in Instapay transactions. Confident in its profitability, GoTyme Bank expects to break even faster than its sister bank, TymeBank South Africa, which is one of the world\u2019s fastest growing digital banks with 8.5 million customers as of 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GoTyme Bank CEO, Nate Clarke, confirms: \u201cGoTyme Bank is excited to see how the rapid growth showcased since our launch has translated into increased conviction and confidence from our largest shareholders, JG Summit and Tyme Group, particularly with their buy-out of BPI\u2019s remaining minority stake. We believe that the JG Summit Group re-establishing itself as the largest shareholder of GoTyme Bank puts us in an even stronger position on our journey to become the number one bank in the Philippines.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lance Gokongwei, President and CEO of JG Summit Holdings, Inc., said, \u201cGoTyme Bank\u2019s performance since its commercial launch in late 2022 has exceeded our expectations and increased our confidence that it will drive a significant improvement to how customers experience financial services in the Philippines. Along with our partner Tyme Group, the JG Summit Group will continue to provide the required support and investment to make GoTyme a game changer in the Philippine&nbsp;market.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With an increasing percentage of the population switching to digital banking, GoTyme Bank foresees continuous growth and expansion, extending its preferred banking offers to more Filipinos around the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BPI assumed a minority stake in GoTyme Bank following its merger with Robinsons Bank in January 2024.<\/p>\n","protected":false},"author":6,"featured_media":60450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1185,7398],"class_list":["post-62298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-banking-and-finance","tag-gotyme-bank"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/62298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=62298"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/62298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/60450"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=62298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=62298"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=62298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}