JG SUMMIT Holdings Inc. (JGS) has secured a stake in Tyme, one of the world’s fastest-growing digital banks based in South Africa which is seeking to explore emerging markets in developing economies particularly in the Association of Southeast Asian Nations (Asean).

JGS has taken part in an estimated P5.3-billion (US$110 million) investment 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).

Tyme, whose international management arm, TymeGlobal is headquartered in Singapore, is considered as one of the world’s leading digital banking network for emerging markets, and is majority owned by ARC.

The capital raise will be primarily deployed to grow TymeBank in South Africa, which has attracted 2.8 million customers to its digital banking platform since its launch in February 2019.

It is reportedly one of the largest foreign investments any fintech company has secured in South Africa, affirming the dynamic growth of the local banking sector.

With the move, JGS, through its corporate venture capital vehicle, JG Digital Equity Ventures (JGDEV), reinforces its foray into global innovations and fintech as part of its vision of becoming one of the biggest digital conglomerates in the country and in the Asean. (PR)