TymeBank has been making moves of late. The digital banking platform has been eyeing up territories outside of South Africa this year and its latest venture takes it to the Philippines.
This as TymeBank will be exporting its business concept via its international sister company’s newly established banking operations, GOtyme, in the Southeast Asian nation.
“GOtyme, which has had its digital banking licence application approved by the Philippines Central Bank, will benefit from TymeBank’s high-touch high-tech banking model, world-class technology, unique kiosks and digital banking expertise to bring banking simplicity and financial empowerment to the lives of Filipino consumers,” explains a press release sent to Hypertext on the export.
“The international company Tyme is partnering with one of the investors, the commercially well-established Gokongwei family from the Philippines, to launch the new digital bank in the Philippines. Customer demographics as well as a positive changing banking regulatory environment in the Philippines will support the roll-out of GOtyme in that market,” it adds.
As of July this year, TymeBank has reached 3.5 million customers in South Africa and now aims to take that business model to the Philippines, using it as a potential springboard into other territories in Asia.
“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,” notes CEO Tauriq Keraan.
“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. 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,” adds Dr Patrice Motsepe, chairman of African Rainbow Capital, the majority owner of TymeBank.
While there are a number of digital-focused South African companies to keep tabs on at the moment, it looks like this one is making some serious waves in the fintech space. As such, we will be watching its development with interest.
