TymeBank, one of South Africa’s leading digital banks, will export its business concept and experience to its international sister company Tyme’s newly established banking operations, GOtyme, in the Philippines.
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.
The approval of the licence application, which is the first of a three-step Philippines Central Bank application process, comes shortly after TymeBank secured international investors in February this year.
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.
With TymeBank in South Africa having reached 3.5 million customers at the end of July this year, while having attained the highest Net Promoter Score among banks in South Africa, the bank has a strong business and operating model as well as hard-won lessons to share with the Philippines.
“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 CEO Tauriq Keraan said.
“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.”
Customer demographics as well as a positive changing banking regulatory environment in the Philippines will support the roll-out of GOtyme in that market.
“Together with our South African partners, GOtyme will bring about opportunities for improved financial inclusion for Filipinos,” Lance Gokongwei, CEO of JG Summit Holdings, said.
“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.”
TymeBank and Tyme announced in February this year that they had secured a R1.6 billion investment from UK based private equity firm Apis Growth Fund II and JG Summit Holdings, which is owned by the Gokongwei family in the Philippines. At the time of the announcement the company indicated that the Philippines would be its first expansion into Asia.
Commenting on the approval to apply for the GOtyme digital banking licence, Dr Patrice Motsepe, Chairman of African Rainbow Capital, the majority owner of TymeBank and Tyme, said: “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.”