Philippines fastest-growing digital bank rolls out crypto services

The digital bank now offers BTC, ETH, SOL and more via a secure app integration with US fintech firm Alpaca.

Philippines digital bank GoTyme, which has 6.5 million customers, has rolled out crypto services in the Philippines following a partnership with US fintech firm Alpaca.

A total of 11 crypto assets can now be bought and stored in GoTymes banking app via an auto conversion from the Philippine peso to USD, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Polkadot (DOT) and a host of other altcoins.

It is unclear if the firm will offer more sophisticated trading services in the future; however, the focus appears to be on simplicity and ease of access.

“Our product focuses on simplicity and reliability, designed for people who want to buy crypto confidently without complicated technical analysis or managing multiple apps,” said GoTyme CEO Nate Clarke.

Process of buying crypto in the app. Source: GoTyme

GoTyme was launched in October 2022, with Nikkei Asia reporting in September that the bank has built up a client base of over 6.5 million people in the Philippines to date.

The digital bank was formed via a partnership between Singapore-based unicorn Tyme Group and Filipino conglomerate Gokongwei Group.

According to GoTymes website, the app is designed to enable users to set up a bank account and debit card within five minutes, suggesting users could have easy access to crypto.

GoTyme eyes growth in Southeast Asia

With plans to expand into Vietnam and Indonesia, the firm is looking to capture market share in the rapidly growing digital banking sector in Southeast Asia.