Tymebank, a digital bank, launched back in 2018 as South Africa’s first-ever digital-only bank. Now its got some big things in the works: expanding overseas, and its own credit card.
Tyme Abroad
According to MyBroadband, Tyme co-founder Coen Jonker explained the first step for TymeBank’s international expansion is in the Philippines, a move it would be making in partnership with Philippine conglomerate JG Summit. Alongside the UK based Apis Growth Fund II, JG Summit Holdings recently invested R1.6 billion into the bank.
“We are almost ready to submit our licence application. We will launch a bank in the Philippines,” said Jonker. He did not specify exactly when. The Philippines is will be the second country the digital bank launches in, and apparently, more will follow. Jonker says the next will probably be Malaysia or another South-East Asian country.
Cards on the table, Tymebank
Tymebank CEO Tauriq Keraan told MyBroadband that the digital bank would be offering a credit card in the latter half of this year. Keraan said that while credit cards are typically geared more towards higher-income customers, he wants to “close this growing gap we have in our society” and provide credit facilities to people without ample records.
Tymebank currently offers a consumer credit product called “MoreTime”, which lets consumers pay half the price of a product up front, and the rest over 30 or 60 days, sans interest. The credit card will no doubt tie into this product.
“The first principle here is increasing the access to financial services and banking in this country,” he said. “This is a way of growing the credit sector in South Africa as well.”