Tyme Global CFO, David Pfaff. Picture: SUPPLIED.
Tyme Global CFO, David Pfaff. Picture: SUPPLIED.

Tyme Global, the Singapore-domiciled investment holding company of TymeBank controlled indirectly by Patrice Motsepe, has appointed former Truworths executive David Pfaff as its global CFO before its first foray into lending and an expansion into new markets in Southeast Asia.        

Motsepe’s African Rainbow Capital Investments (ARC Investments), which owns almost 60% of Tyme Global, announced on Monday that Pfaff was appointed the holding company’s CFO as well as country CEO for SA from March 1.

The appointment might be considered something of a coup for the group with a fledgling bank in SA as Pfaff was long considered to be the successor to Truworths CEO Michael Mark.

Pfaff most recently served in executive capacities during an eight-year tenure at listed clothing retailer Truworths, as COO and CFO, which included overseeing the retailer’s R6bn credit book.

“I think it is an amazing opportunity to get involved near the beginning with a bank that has a low-cost, user-friendly model that can be exported to many countries,” said Pfaff.

Motsepe said Pfaff’s appointment came as the bank was preparing to roll out key products for its clients.

“David is widely credited for his vast experience and skills in retail finance, which is critical to ensure TymeBank’s continued success,” said Motsepe.

Tymebank is preparing to launch its first lending product, called MoreTyme, which will allow qualifying customers to purchase a retail product but only paying 50% of the purchase price upfront with the rest over 30 or 60 days without paying interest. The launch is expected in the next few months.

As country officer for SA, Pfaff will oversee three subsidiaries of the Tyme group. This includes TymeBank SA, which will continue to be run by CEO Tauriq Keraan, as well as the Device hub, which builds and distributes  kiosks placed at Pick n Pay stores as well as an innovation lab.

Pfaff will also serve as CFO for Tyme Global, the Singapore-based  holding company of the Tyme group, which has partnered with the prominent Gokongwei family in the Philippines to expand the bank into that market after a successful equity raise last week.

The bank intends to grow its customer base to 4-million in 2022.

thompsonw@businesslive.co.za

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