Taking aim at the unbanked
NEWS ANALYSIS: The new digital bank on the block
Digital outfit with huge resources has rolled out a mass-market strategy in Indonesia. Now it’s about to hit SA
TymeDigital by Commonwealth Bank SA is quite a clunky name for a new-age bank. It is a lot less catchy than 20Twenty, SA’s last digital bank, which collapsed 10 years ago. But the SA Reserve Bank has learnt a lesson from 20Twenty, which had uncommitted shareholders:parent Standard Chartered dumped it at the first sign of crisis in SA.TymeDigital’s parent company, Commonwealth Bank of Australia, has been rolling out a mass-market digital strategy in Indonesia and Vietnam and sees it as the best way to penetrate the unbanked.It has no shortage of resources. With a market cap of A$134bn (R1.4 trillion) it is larger than the entire banking sector of the JSE. Tyme has the foundation of its black economic empowerment strategy, having sold a 10% stake to Patrice Motsepe’s African Rainbow Capital (ARC). In time there could be tie-ups with other ARC companies; Alexander Forbesneeds ever cheaper banking for its pension fund administration, for example.The Commonwealth Bank connection certainl...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.