Tyme Group’s gameplan for winning digibank race in Philippines and Vietnam

Less than five years after its launch, TymeBank – the South African arm of global banking firm Tyme Group – said that it turned net profitable at the end of 2023.

According to the banking group, TymeBank’s SME lending portfolio grew by 30% last year, which helped drive the group’s annualized revenue run rate to S$215 million (US$160 million). Tyme Group added that the South African business contributed over 80% of its profit for 2023.

Headquartered in Singapore, Tyme Group has raised about US$258 million so far, according to Tech in Asia data. Aside from South Africa, it also operates in the Philippines as GoTyme Bank, a joint venture with local conglomerate Gokongwei Group.

A GoTyme bank booth in Pasig, the Philippines./ Photo credit: Shutterstock

In a recent interview with Tech in Asia, Tyme Group co-founder Coenraad Jonker highlights how his digital banks use kiosks located in partner retail stores to acquire customers. He believes that this hybrid online-offline distribution model sets the group apart from its competitors in emerging markets.

Why kiosks?

Millions of people in South Africa and the Philippines have limited access to traditional banking systems and are considered less digitally savvy. Tyme Group tries to overcome these barriers with physical kiosks.

Staffed by “ambassadors,” these kiosks help people sign up for both TymeBank and GoTyme Bank. According to the group, 70% of its customers in both markets are onboarded through kiosks.

A GoTyme Bank ambassador/ Photo credit: Tyme Group

TymeBank says that since its February 2019 launch, it has attracted 8.5 million users. Meanwhile, GoTyme Bank has onboarded 2.3 million customers since October 2022. Tyme Group says about 73% of its user base in the two countries remains active on a monthly basis.

Currently, GoTyme Bank operates 462 kiosks in the Philippines, representing nearly one-third of TymeBank’s total kiosk network in South Africa. It plans to expand its kiosk presence in the Southeast Asian country this year, primarily within Gokongwei Group’s stores nationwide.

However, unlike its South African counterpart, GoTyme Bank positions itself as “aspirational” to attract a broader customer base across different economic levels in the Philippines.

See also: Digital banking meets hard realities in SEA’s emerging markets

Jonker expects GoTyme Bank to achieve profitability by October 2025. To reach this goal, the bank is prioritizing enhancements to its small business and consumer lending offerings.

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