China's Tencent makes huge investment in TymeBank
Patrice Motsepe's African Rainbow Capital is the major shareholder in TymeBank. Today they've managed to convince Naspers investing company Tencent and the UK government-owned development fund CDC to help it expand in Singapore.Bruce Whitfield, The Money Show host
That's how The Money Show's Bruce Whitfield sums up TymeBank's announcement that this most recent investment (just over R1 billion) has taken its series-B capital raise started in February, to R2.9 billion ($180 million).
On The Money Show, TymeBank CEO Tauriq Keraan explains exactly how the capital is allocated.
The investors will place 30% of that allocation into the Singaporean business which is TymeGlobal - that's the operation which takes what we've produced in South Africa and exports it into other jurisdictions.Tauriq Keraan, CEO - TymeBank
About 70% will be invested directly into TymeBank - what you've become accustomed to [in South Africa].Tauriq Keraan, CEO - TymeBank
One of the big reasons at play in us securing this significant Series B was the fact that investors can invest both locally in South Africa in what's becoming quite a mature asset that's disrupting the banking sector here, but can also get external exposure to exciting prospects.Tauriq Keraan, CEO - TymeBank
We've learnt a lot of lessons and this model is highly applicable into other territories that show similar traits to South Africa.Tauriq Keraan, CEO - TymeBank
Regarding its international expansion drive, Keraan says the company has very particular criteria when it comes to choosing foreign jurisdictions.
We need a regulator that's very progressive. We need structural similarities to South Africa. We need a very strong in-country partner and we found that in the Philippines where we were awarded one of six new digital banking licenses... We've been hard at work building the new bank over there... We look to launch that publicly come Quarter 3 next year...Tauriq Keraan, CEO - TymeBank
Singapore is just where the TymeGlobal business is domiciled. That's largely like a strategy business development operation over there... Singapore is fast emerging as a hot destination for fintech digital banking, ecommerce and other exciting emerging disciplines...Tauriq Keraan, CEO - TymeBank
For more detail, listen to the interview with the TymeBank CEO below:
Source : https://www.facebook.com/tymebankza/photos/a.368015620295229/921631694933616