JAKARTA — GoTyme Bank has partnered with global money transfer company Wise to make it faster and cheaper for millions of Filipinos to receive money from abroad. 

The partnership makes GoTyme the first bank in the Philippines to use Wise’s platform, giving its 7.8 million customers the option to receive international remittances directly through the GoTyme app. 

Families can now get money from more than 11,000 banks in 23 currencies, with faster transfers and no hidden fees. 

Remittances remain a key part of the Philippine economy, making up about 8.3 percent of GDP in 2024. Overseas Filipino Workers (OFWs) sent home about USD 38.34 billion last year, according to World Bank data. 

Wise was the first global fintech to link directly with the Philippines’ payment systems InstaPay and PESONet, and now handles around 12 percent of all inward personal remittances. 

Its new Wise Business Account builds on those links to help small and medium enterprises send and receive payments across borders more easily and at lower cost. 

In the Philippines, micro, small and medium enterprises (MSMEs) make up about 99.6 percent of all registered businesses and are a major source of jobs, according to the Philippine Statistics Authority (PSA).

Wise said Filipino MSMEs lost about PHP 39.5 billion in 2024 due to costly bank fees and poor exchange rates, a problem it aims to help address with this new service. 

Earlier this year, Wise strengthened its Asia-Pacific presence by expanding its regional hub in Singapore. 

The new office at Paya Lebar Quarter spans 31,800 square feet, which is 25 percent larger than its previous site, and houses nearly 600 employees who reside around the region.