Digital bank TymeBank is taking its business global, exporting its business concept and experience to its newly-established sister company GOtyme in the Philippines.
The bank announced yesterday that GOtyme, which recently received its digital banking licence from the Philippines Central Bank, will benefit from TymeBank’s high-tech banking model and technology, to bring banking simplicity and financial empowerment to Filipino consumers.
TymeBank started exploring international opportunities in February after securing R1.6 billion in funding from investors in the UK and Philippines.
The investors included Apis Growth Fund II, a private equity fund managed by London-based Apis Partners, and JG Summit Holdings, one of the largest investment conglomerates in the Philippines, owned by the Gokongwei family.
Now, the bank says it is partnering with the Gokongwei family, to launch the new digital bank in the Philippines.
“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,” comments 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.”
TymeBank in SA reached 3.5 million customers at the end of July.
Lance Gokongwei, president and CEO of JG Summit Holdings, wants to replicate the same 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,” he says.
Commenting on the development, TymeBank CEO Tauriq Keraan says: “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.
“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.”
TymeBank has seen a rapid rise in customers since its official launch in 2019 and has strengthened its position locally, to better contend with digital-only competitors Discovery Bank and Bank Zero.