South African bank eyeing Malaysian digital bank licence

Tyme was also looking to apply for a digital banking licence in Malaysia, where the regulator (Bank Negara) has issued a policy framework for online-only banks and plans to issue up to five licences.

SINGAPORE: South African digital bank Tyme has raised US$110 million in private capital and linked up with JG Summit, one of the biggest conglomerates in the Philippines, to apply for a local digital bank licence, a top Tyme executive told Reuters.

Tyme, majority-owned by South African billionaire Patrice Motsepe, will use most of the money, mainly from private equity fund Apis Partners, to expand TymeBank in South Africa, Coen Jonker, co-founder and executive chairman of Tyme said.