MANILA - JG Summit Holdings Inc said Tuesday it acquired shares in a South African digital bank Tyme in "one of largest" fintech foreign investments in the country.
In a disclosure to the stock exchange, JG Summit said it took part in an investment worth P5.3 billion in Tyme along with Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and South African investment holdings company African Rainbow Capital (ARC).
JG Summit said the capital would be used to grow TymeBank in South Africa which, it said, has attracted 2.8 million customers since February 2019.
The goal is to gain "deeper understanding" of the success of digital banking in developing economies such as in South Africa and "replicating" the same in the Philippines, JG Summit said.
“The investment not only propels the Gokongwei Group to accelerate its foray into disruptive digital plays, it also allows us to learn more about TymeBank’s experiences that provide a good impetus for us in considering to apply their technology and success in the Philippines,” said JGS president and CEO Lance Y. Gokongwei.
Tyme's technology can also help the Gokongwei group "adopt an agile and innovative mindset" to provide better customer choices, said JG Digital Equity Ventures (JGDEV) president and CEO Jojo Malolos.
JGDEV was established to "focus on next-generation digital businesses," JG Summit said.