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.
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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?
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