JG Summit Holdings Inc said it invested in South Africa's digital bank Tyme, seeking to expand its financial technology footprint.
The Gokongwei-led holdings company said took part in an estimated P5.3-billion total investment in Tyme, along with Apis Growth Fund II, a private equity fund managed by Apis Partners LLP (“Apis”), and South African investment holdings company African Rainbow Capital (ARC).
"We see digital banking as the next growth area globally and increasingly in ASEAN and so we are excited to partner with global investment giants Apis and ARC in taking part in this global play by building further success for South Africa’s leading digital bank TymeBank," said JG Summit president and CEO Lance Y. Gokongwei.
"COVID has accelerated adoption of digital technologies in the country and for us, this investment reinforces our capability to bring financial services deeper into the group’s ecosystem and the underserved segments of the Philippine population. Tyme’s disruptive innovation will help us to better adopt an agile and innovative mindset to provide better choices to customers," JGDEV President & CEO Jojo Malolos.
Tyme's international management arm TymeGlobal, headquartered in Singapore, is considered as one of the world’s leading digital banking network for emerging markets, and is majority owned by ARC.
TymeBank in South Africa, which has attracted 2.8 million customers to its digital banking platform since its launch two years ago, will be grown using the capital raise to be deployed.
The move, made possible through JGS' corporate venture capital vehicle JG Digital Equity Ventures (JGDEV), marks its foray into global innovations and fintech in its vision of becoming one of the biggest digital conglomerate in the country and in the ASEAN.
JGS is eyeing to bring Tyme's digital experience and innovation locally to support the initiatives of the Bangko Sentral ng Pilipinas in bringing inclusive financial services closer to Filipinos.
With Tyme in its portfolio, JGDEV brings the JGS ecosystem a better understanding of digital banking in developing economic, with the goal of replicating it in the Philippines.