Digital bank plans crypto, stocks trading facility

MANILA  -Gokongwei-backed GoTyme Bank said it plans to launch more financial products next year, expanding its portfolio by including more investment instruments such as stock and cryptocurrency trading in its platform.

GoTyme president and CEO Nate Clarke told the Inquirer last week that many Filipinos have yet to engage with these types of investments and that they are seeing a huge potential in offering related products and services.

“There are many people in the Philippines who are quite wealthy but still only just saving traditionally,” Clarke said in an interview, but noted that cryptocurrency has seen tremendous growth in recent years

“There is much higher penetration into crypto than in traditional investments. More people in the Philippines have crypto investments than even stocks,” added.

The GoTyme executive said they are planning to have one new asset class live on their platform by the first quarter of next year.

“By the middle of next year, we should have two more asset classes,” he said, adding that they want to have a healthy lineup of high-risk and low-risk asset product offerings.

Clarke said they are already working with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission to meet the requirements to begin offering this new lineup of financial products.

To date, GoTyme Bank has more than one million users in the Philippines, a milestone hit just earlier this month.

By the end of the year, GoTyme Bank is expected to double its customer base in the country. INQ