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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 seeks to explore emerging markets in developing economies, particularly in the Association of Southeast Nations. Asian (Asean).
JGS has participated 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 company African Rainbow Capital ( ARC). .
Tyme, whose international management arm, TymeGlobal, is based in Singapore, is regarded as one of the world’s leading digital banking networks for emerging markets and is majority owned by ARC.
The capital raising will be used primarily 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 that any fintech company has made 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 to become one of the largest digital conglomerates in the country. and Asean. (PR)
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