BUSINESS MAVERICK: TymeBank attracts global investors as it outlines ambitious expansion plans

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The digital bank is teaming up with one of the biggest conglomerates in the Philippines to grow its business in South Africa and Southeast Asia.

TymeBank has attracted R1.6-billion in new capital from global investors as it prepares for stiffer competition in the digital banking space in South Africa.

The investment, by private equity investor Apis Growth Fund II and JG Summit Holdings, a family-owned conglomerate in the Philippines, will help to fund local growth and replicate its model outside South Africa. It gets the financial muscle from Apis, which focuses its investments on financial services and financial infrastructure businesses. What JG Summit brings is a massive infrastructure and hundreds of thousands of prospective customers through the businesses it owns in the Philippines, ranging from shopping malls and residential buildings to thousands of drug stores, supermarkets and hardware stores. It also has operations in Myanmar and Vietnam.

“We already have a bank, so we have the right infrastructure to connect the dots, knowing that the bulk of our customers in the conglomerate are those that we will target in the under-served market.” Malolos believes growth may come faster in the Philippines, which has a population almost twice that of South Africa and an even larger under-served market.

“In an emerging economy like South Africa the hybrid model is critical for scale; people still want to engage in a physical network,” Keraan said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK 168: TymeBank bets big on opening the credit taps for consumers during a pandemicWith most sectors of the economy now open under eased lockdown regulations and more market watchers striking an upbeat tone about SA’s economic recovery, TymeBank is ready to revive its lending strategy. The lending market is warming up after the worst economic recession since the Great Depression. Congratulations to everyone who benefited from this platform. Your success is my priority! Trade today and earn up to..... :Registration fee: $0:00 :Daily earning: $1,000 :Weekly earning: $7,000 :Monthly: $20,000. Trust the process 💯 profit I owe you an apology to ever doubt your sincerity and professionalism. It’s was just like a dream to me when I received my first payment. After my second payment it became a reality now after several payments it has become a way of life. lisacampbe But will t be fair credit or set out to destroy people credit, like what every other bank in SA offers?
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: IMF upgrades global economic growth forecast to 6% on Covid vaccine hopesEstimate of the size of the worldwide 2020 contraction brought on by the pandemic and the lockdowns to contain its spread has also been whittled down to 3.3% from 4.4%.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Microsoft Attack Blamed on China Morphs Into Global CrisisA sophisticated attack on Microsoft Corp.’s widely used business email software is morphing into a global cybersecurity crisis, as hackers race to infect as many victims as possible before companies can secure their computer systems. I was referred to this platform by a friend online and i thought it a scam, but I was moved to try with little amount and I earned.. just want to use the opportunity to thank gigsfrid for the chance she gave to me for starting my own business....thank you very gigsfrid I'm very pleased to celebrate my cashout with everyone in the group. Indeed I'm happy and DavidLingleyBT is really a genuine paying man the whole world needs to know how good and generous he is. I wanna use this opportunity to thank Mr David for the great support he put on, you're a man of intergrity, i wont stop until the whole world would hear your name !!! DavidLingleyBT
Source: dailymaverick - 🏆 3. / 84 Read more »