South Africa’s digital bank, TymeBank, set to hit the Southeast Asia market following its R1.6-billion new capital from global investors. During these tough time it is inspiring to witness a proudly South African bank aiming for greater heights and showing off the country’s competitive strengths.
Following a change in South Africa’s exchange control regulations, TymeBank may soon have a Singaporean holding company and Patrice Motsepe’s African Rainbow Capital (ARC) will still hold control in the local bank, via the foreign holding company.
TymeBank is South Africa’s first digital bank, it is owned by ARC Financial Services Holdings (Pty) Ltd, a company within Patrice Motsepe’s Ubuntu-Botho Investments stable. TymeBank has no branches and its core banking system is hosted securely in the cloud.
In the world faced by a pandemic and encouragement of less physical contact, TymeBank’s cloud banking system is key enabler to the fight against the pandemic. The fallout from the COVID-19 pandemic has disrupted production, caused a decline in export markets and created a prolonged decrease in demand for many service industries.
While TymeBank CEO Tauriq Keraan admitted that continuing its growth trajectory would become tougher as competition intensified in the South African banking sector with the imminent launch of Michael Jordaan’s Bank Zero, he said the differentiator for TymeBank was its hybrid model.
TymeBank has attracted 2.8 million customers since launching in late 2018 and expects to reach three million by the end of March. About 60% of its customers make active use of their accounts, which can be accessed through banking apps, online banking and kiosks in Pick ‘n Pay and Boxer supermarkets. It’s also about to extend credit to customers, starting with the buy now, pay later facility MoreTyme and a credit card. – DailyMaverick
The third instalment of the South Africa Investment Conference in 2020 urged that private sector assist to re-ignite economic growth and boost confidence in the country’s economic recovery post COVID-19 and as a preferred investment destination which is open for business. The move by TymeBank is commendable as an enabler to flying the South African flag in the business fraternity on a global stage.
South Africa’s success will require all sectors to come together in a social compact and construct where the reconstruction of the economy is a shared responsibility. Collaborative efforts can create jobs, get the economy growing to achieve economic growth for the country.