South African Digital Bank, TymeBank, Expands To The Philippines, Records 3.5m Customers In 2 Years
Tymbank became South Africa’s first digital bank when it was launched in 2019 by the trio of Coen Jonker, Rolf Eichweber, Tjaart van der Waalt, TymeBank. The startup has since strived to deliver daily financial solutions to users. The platform allows users carry out several financial operations including saving- through its savings tool called GoalSave; cash transfer, and its TymeCoach App also which gives consumers free access to their credit report for better financial decisions.
By expanding to the Philippines through GOtyme, which recently got its digital banking license from the Philippines Central Bank, TymeBank will be able to deliver easy and effective financial empowerment to Filipino citizens.
Dr Patrice Motsepe, chairman of African Rainbow Capital, the majority owner of TymeBank expressed satisfaction while speaking on the expansion saying that the startup will share knowledge with its international partners.
“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.
“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” Motsepe said.
TymeBank’s CEO Tauriq Keraan also added that: “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”.