From Africa to the Philippines: can digibank Tyme find cross-border success?

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IN FOCUS

In today’s newsletter, we look at:

• How an African digital bank found its way to the Philippines
• The latest developments at GXS, Grab’s digital bank with Singtel
• A serial entrepreneur’s experience building a fintech startup that failed

Hello there,

I’ve never been to South Africa, but it’s on my list of countries to visit in the near future. Daydreaming about going on safaris, savoring wine in Stellenbosch, and taking in the views of Table Mountain keep me smiling, even as I type this out under the fluorescent lights of my office in Singapore.

When I do go there, I won’t see any branches for TymeBank, which is the country’s first digital bank. What I might see is a kiosk bearing its logo when I drop into a local Pick n Pay to buy groceries.

TymeBank used this hybrid model to sign up millions of customers in South Africa.

Now, it is setting up its stall in Southeast Asia. The first stop is the Philippines, one of the region’s fastest-growing economies. Tyme found itself pushing on an open door: Large parts of the country are unbanked or underbanked, and the regulators recognize the importance of broadening financial inclusion.

In the first of a two-part series, I take a closer look at Tyme’s story, which includes being acquired – and then sold – by Australia’s biggest bank.

The focus on digibanks continues in this week’s Hot Take, which takes a closer look at recent developments at GXS, the digital bank owned by Southeast Asian tech major Grab and telco Singtel.

— Simon

THE BIG STORY

Tale as old as Tyme: How a successful African digital bank landed in the Philippines

Image credit: Timmy Loen

Born in Africa and headquartered in Singapore, Tyme Group hopes to replicate its success in its new market, the Philippines.

THE HOT TAKE

NEWS YOU SHOULD KNOW

FYI