Everything looks to be going well for TymeBank, South Africa’s digital bank, which has announced that it is expanding its operations to the Philippines through its newly-established sister firm GOtyme.
TymeBank’s high-tech banking concept and technology will enable GOtyme, which recently got its digital banking license from the Philippines Central Bank, to deliver banking simplicity and financial empowerment to Filipino citizens.
“We are proud of TymeBank’s South African roots, and we look forward to sharing our knowledge with our international partners at GOtyme in the Philippines and replicating TymeBank’s success on the global stage,” said Dr Patrice Motsepe, chairman of African Rainbow Capital, the majority owner of TymeBank.
“The approval to apply for an international banking licence represents an important milestone in our plans to expand and grow over time into select emerging markets.”
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Here Is What You Need To Know
- TymeBank began looking into foreign potential in February this year after raising R1.6 billion from investors in the United Kingdom and the Philippines.
- Apis Growth Firm II, a private equity fund managed by London-based Apis Partners, and JG Summit Holdings, one of the Philippines’ major investment conglomerates and owned by the Gokongwei family, were among the investors.
- TymeBank intended to use the funds to increase its variety of banking products, extend its lending portfolio domestically, and fund the bank’s offshore expansion plans.
- The bank has now announced that it will create a new digital bank in the Philippines in collaboration with the Gokongwei family.
- At the end of July, TymeBank had 3.5 million customers in South Africa.
JG Summit Holdings’ president and CEO, Lance Gokongwei, intends to repeat the company’s success in the Philippines.
“Together with our South African partners, GOtyme will bring about opportunities for improved financial inclusion for Filipinos. We see our model of digital banking, with onboarding and education in retail networks and a well-designed app for transacting, as the best way to provide greater financial empowerment to our customers,” Motsepe said.
Commenting on the development, TymeBank CEO Tauriq Keraan said:
“TymeBank’s rapid growth and high customer satisfaction scores have made us the benchmark as our international sister company Tyme begins to expand its footprint into other emerging markets to the benefit of consumers who require simple, digital banking.
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“TymeBank is a proudly South African success story, and we look forward to sharing our experience and the expertise we have acquired over the last two-and-a-half years with our partners at GOtyme for the benefit of Filipino consumers.”
A Look At What TymeBank Does
Launched in 2019 by founders Coen Jonker, Rolf Eichweber, Tjaart van der Waalt, TymeBank is South Africa’s first digital bank. In February 2019, the bank launched its EveryDay transactional account bundled with a savings tool called GoalSave, its MoneyTransfer solution, and its TymeCoach App, which gives consumers free access to their credit report, supported by tips on how to make better decisions about the money.
Since its formal launch in 2019, TymeBank has seen a tremendous increase in customers and has reinforced its position locally to better compete with digital-only competitors Discovery Bank and Bank Zero.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer