TymeBank has attracted 2.8 million customers since launching in late 2018 and expects to reach three million by the end of March. While TymeBank CEO Tauriq Keraan admitted that continuing its growth trajectory would become tougher as competition intensified in the South African banking sector with the imminent launch of Michael Jordaan’s Bank Zero, he said the differentiator for TymeBank was its hybrid model. The fallout from the COVID-19 pandemic has disrupted production, caused a decline in export markets and created a prolonged decrease in demand for many service industries. In the world faced by a pandemic and encouragement of less physical contact, TymeBank’s cloud banking system is key enabler to the fight against the pandemic. TymeBank has no branches and its core banking system is hosted securely in the cloud. TymeBank is South Africa’s first digital bank, it is owned by ARC Financial Services Holdings (Pty) Ltd, a company within Patrice Motsepe’s Ubuntu-Botho Investments stable. During these tough time it is inspiring to witness a proudly South African bank aiming for greater heights and showing off the country’s competitive strengths.įollowing a change in South Africa’s exchange control regulations, TymeBank may soon have a Singaporean holding company and Patrice Motsepe’s African Rainbow Capital (ARC) will still hold control in the local bank, via the foreign holding company. South Africa’s digital bank, TymeBank, set to hit the Southeast Asia market following its R1.6-billion new capital from global investors.
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