South Africa's TymeBank, controlled by Africa's first Black billionaire Patrice Motsepe, is set to expand its international footprint with a new launch in Indonesia by late 2024. This move aims to reinforce the bank's position as a growing financial entity in emerging markets, with a particular focus on Southeast Asia.
Third Southeast Asian market entryThis expansion will mark TymeBank's third entry into the Southeast Asian market. The bank previously launched in the Philippines in October 2022 and in Vietnam in January 2024. To enhance its market presence in the Philippines, TymeBank acquired Savii, a salary-based lender, to diversify its product range and boost profitability.
TymeBank's strategy involves introducing innovative financial products for high-net-worth individuals and forging strategic local partnerships to meet regional needs.
Growth potential in IndonesiaIndonesia, home to over 60 million SMEs and a largely underserved population, presents significant growth opportunities for TymeBank. The bank, which has successfully lent $100 million to 60,000 small businesses in South Africa, plans to replicate this success in Indonesia by introducing its Merchant Cash Advance product to SMEs. This approach mirrors its strategy in Vietnam and will proceed without pursuing a full banking license.
