TymeBank
{{short description |South African digital bank}}
{{Infobox company
| logo = TymeBank Logo.jpg
| name = Tymebank
| type = Privately held company
| industry = Financial services
| foundation = {{Start date|2015}}
| area_served = South Africa
| key_people = Patrice Motsepe, Coen Jonker, Tauriq Keraan (CEO), Thabani Jali (Chairman), Thabo Kelvin Ndimande (Influencer), Dieter Botha (CTO)
| products = Banking services
| homepage = {{url|http://www.tymebank.co.za}}
}}
TymeBank is a South African digital bank aimed at the lower income market.{{cite web|url=http://www.ibusiness.co.za/fin/what-is-tymebank/ | title=What is TymeBank}}{{cite web|url=http://www.businessessentials.co.za/2017/09/28/sarb-grants-tyme-bank-license/ | title=TymeBank – everything you need to know about South Africa's first digital-only bank}} Headquartered in Rosebank, Johannesburg, TymeBank does not have any physical bank branches and relies on an Android banking App, and Internet Banking site and a partnership with two retail chains, Pick n Pay and Boxer, to host a national network of self-service kiosks that facilitate the account opening process.{{cite web|url=https://businesstech.co.za/news/banking/301838/south-africas-first-digital-bank-goes-live/ | title=South Africa's first digital bank is live – here's everything you need to know}}{{cite web|url=https://www.bloomberg.com/news/articles/2018-11-09/billionaire-motsepe-starts-online-challenge-to-s-african-banks | title=Billionaire Motsepe Starts Online Challenge to South African Banks| website=Bloomberg News}}
The Prudential Authority of the South African Reserve Bank (SARB), granted permission for TymeBank to operate exclusively online on 28 September 2017.{{cite web|url=http://www.businessessentials.co.za/2017/09/28/sarb-grants-tyme-bank-license/ | title=South African fintech company Tyme granted bank license}}
History
The "Tyme" (Take Your Money Everywhere) concept was originally developed as part of a Deloitte Consulting project, funded by the telecommunications provider, MTN Group. It went on to become a stand-alone business in June 2012.
In 2015, the Commonwealth Bank of Australia (CBA) acquired 100% of Tyme,{{cite web|url=https://www.fin24.com/Tech/Companies/Australian-bank-acquires-SA-tech-firm-Tyme-20150211 | title=Australian bank acquires SA tech firm Tyme}} and renamed the business TymeDigital by Commonwealth Bank SA. On 28 September 2017, TymeDigital secured an operating licence from the South African Reserve Bank (SARB). It was the first full banking licence to be issued by the SARB since 1999.{{cite web|url=https://www.fin24.com/Companies/Financial-Services/just-in-its-about-tyme-sa-has-first-new-bank-since-1999-20170928 | title=It's about Tyme - SA has first new bank since 1999}}
In 2018, financial services company, ARC Imali-Madi (RF), bought a 10% stake in TymeDigital. On 5 November 2018, African Rainbow Capital Financial Services Holdings - owned by South African entrepreneur Patrice Motsepe - obtained approval from the South African Reserve Bank to acquire CBSA’s 90% majority stake in the business.{{cite web|url=https://www.iol.co.za/business-report/economy/tymebank-sas-first-digital-bank-is-officially-live-19514418|title=TymeBank, SA's first digital bank is officially live|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}{{cite web|url=https://www.biznews.com/global-citizen/2018/07/02/commonwealth-bank-australia-tymedigital-motsepe-arc|title=Australia's CBA plans to exit SA, mulls selling TymeDigital to Motsepe's ARC|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}{{cite web|url=https://www.iol.co.za/business-report/companies/motsepe-gets-green-light-to-buy-tymedigital-bank-17752869|title=Motsepe gets green light to buy TymeDigital bank|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} The name of the business was changed in November 2018 from TymeDigital by CommonwealthBank SA to Tyme Bank Limited.{{Cite web|url=https://businesstech.co.za/news/banking/281665/tymedigital-will-be-called-tymebank-and-its-ready-to-launch/|title=TymeDigital will be called TymeBank - and it's ready to launch|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}
TymeBank soft-launched on 5 November 2018, allowing consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online.{{cite web|url=https://www.itweb.co.za/content/raYAyqoVjJeMJ38N | title=TymeBank quickly gains traction}}
Banking in the cloud
TymeBank was the first bank in South Africa to put its core-banking platform in the cloud.{{cite web|url=https://pitori.org/2023/08/13/how-to-use-tyme-bank-mobile-app/ | title= How To Use Tyme Bank Mobile App}}{{cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/billionaire-motsepe-starts-online-challenge-to-sa-banks|title=Billionaire Motsepe starts online challenge to SA banks}} 85% of TymeBank's systems are AWS{{Cite web|url=https://www.iol.co.za/business-report/technology/amazon-web-services-coming-to-cape-town-29083281|title=Amazon Web Services Coming to Cape Town|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} cloud applications that provide system scalability, uniform security and cost efficiencies.{{Cite web|url=https://www.htxt.co.za/2019/07/15/tymebank-what-the-next-few-months-hold-for-sas-first-fully-digital-bank/|title=TymeBank - What the next few months hold for SA's first fully digital bank|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} TymeBank's use of technology and the strategic relationship with Pick n Pay and Boxer stores eliminates the need for physical branches.{{Cite web|url=https://www.engineeringnews.co.za/article/tymebank-goes-live-in-pick-n-pay-and-boxer-stores-2019-03-15/rep_id:4136|title=TymeBank goes live in Pick n Pay and Boxer stores|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} The reduced operating costs and the national presence of the retail stores removes the barriers that have traditionally prevented an estimated 11 million unbanked South Africans from accessing banking services.{{Cite web|url=https://www.pressreader.com/south-africa/the-star-south-africa-late-edition/20190719/281715501202287|title=Country's first digital bank is on cloud nine|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}{{Cite web|url=https://businesstech.co.za/news/banking/298810/discovery-has-the-big-banks-nervous/|title=Discovery has the big banks nervous|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}
Ownership
Previously wholly owned by African Rainbow Capital Financial Services Holdings, on 10 June 2019 African Rainbow Capital (ARC) and [http://www.ethos.co.za Ethos Private Equity] jointly announced an investment of R200 million by the Ethos Artificial Intelligence (AI) Fund and co-investors (jointly Ethos AI Fund) into Tyme Bank Holdings. The transaction is subject to all conditions precedent being met.{{cite web|url=https://businesstech.co.za/news/banking/322387/tymebank-receives-r200-million-investment/|title=TymeBank receives R200 million investment|author=Staff Writer|date=10 June 2019|website=BusinessTech|access-date=7 December 2021}}
The investment by the Ethos AI Fund in TymeBank will result in the fund being an 8% shareholder in the bank.{{Cite web|url=https://www.engineeringnews.co.za/article/ethos-al-fund-invests-r200-million-into-tymebank-2019-06-10/rep_id:4136|title=AI Platform, Ethos Artificial Intelligence Fund invests R200m in TymeBank|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}
ARC announced in December 2021 that Tencent and CDC Group had become shareholders in TymeBank. This capital raising was expected to support TymeBank's emerging markets expansion.{{cite web|url=https://businesstech.co.za/news/banking/544536/tymebank-attracts-new-investors-including-tencent/|title=TymeBank attracts new investors including Tencent|author=Staff Writer|date=7 December 2021|website=BusinessTech|access-date=7 December 2021}}
Business model and milestones
TymeBank offers a transactional account, money transfer service, savings account and educational App. There are plans to introduce credit cards, unsecured loans, and loans to small and medium-sized enterprises (SME).{{Cite web|url=https://businesstech.co.za/news/banking/322835/south-africas-digital-bank-tymebank-on-track-to-hit-1-million-customers-in-2019/|title=South Africa's digital bank TymeBank on track to hit 1 million customers in 2019|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}{{Cite web|url=https://www.iol.co.za/business-report/economy/tymebank-sas-first-fully-digital-driven-bank-goes-live-19531969|title=TymeBank, SA's first fully digital-driven bank goes live|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}}
On 7 August 2019, TymeBank appointed Tauriq Keraan as the new CEO{{Cite web|url=https://www.fin24.com/Companies/Financial-Services/tymebank-appoints-new-ceo-20190807|title=TymeBank appoints new CEO|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} and by 28 November 2019, the bank had signed up one million customers.{{Cite web|url=https://businesstech.co.za/news/banking/357935/tymebank-hits-one-million-customers/|title=TymeBank hits one million customers|last=|first=|date=|website=|archive-url=|archive-date=|access-date=}} By the end of October 2021, TymeBank had four million customers, and it announced partnerships with TFG and Zion Christian Church.{{Cite web|url=https://businesstech.co.za/news/banking/534466/tymebank-is-adding-140000-new-customers-every-month/|title=TymeBank is adding 140,000 new customers every month|author=Staff Writer|date=4 November 2021|website=BusinessTech|access-date=4 November 2021}}
References
{{Portal|Banks}}
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{{Witwatersrand companies}}
Category:Banks established in 2015
Category:Banks of South Africa