TymeBank , the South African digital bank with R4 billion ($222 million) in customer deposits, will launch in Indonesia by the end of 2024. It is the banks third Southeast Asian market, after launching in the Philippines in October 2022 and Vietnam in January 2024.
In Indonesia, the company will not immediately pursue a banking license but will offer its lending product, Merchant Cash Advance, to Small and Medium Enterprises (SMEs). It used a similar strategy in Vietnam.
We see a massive opportunity with good profit potential in the small business lending space in Indonesia and the region, Tyme Group chair Coen Jonker told TechCabal.
We can also build our brand faster because it takes a lot more time and money to get a full banking license and infrastructure up and running.
Founded in 2018 by Coenraad Jonker and Tjaart van der Walt, TymeBank focuses on low-income earners and SMEs.
