The inspiring story of the late businessman, philanthropist and conservationist Anton Rupert is that of a boy from the Karoo who grew up during the Great Depression and struggled to raise enough money to study science at university. Rupert’s Rembrandt Group became known around the world, owning brands such as Cartier, Dunhill, Rothmans and Montblanc.
Within a few decades, the Rupert family dynasty was built, loved by some and hated by others in SA.
Authors of Anton Rupert: A Biography, Ebbe Dommisse and Willie Esterhuyse wrote a telling line in their book: “You know, Mr Erasmus, the best training school for an accountant is poverty!”
Did poverty inflicted on blacks in apartheid SA help Patrice Motsepe, the owner of Tyme, understand how to make money?
It seems so, and he has also learnt from the Ruperts.
When Motsepe decided to globalise his innovative digital bank he partnered with the “Ruperts of the Philippines” who understand the country’s nuances.
The Filipinos Motsepe partnered with are the Gokongwei family, whose company is headed by tycoon Lance.
In March Lance started a spending spree of $1.3bn (R24bn), betting on banks, airlines and hotels.
Lance’s family business JG Summit is stepping up its investments in the Philippines and other key markets in Southeast Asia. JG Summit, one of the largest and most diversified conglomerates in the Philippines, is also involved in food manufacturing, petrochemicals and telecommunications.
The company was founded in 1954 by the late billionaire John Gokongwei as a maize starch factory. After the death of their father in 2019, Lance and his sisters — Robina, Lisa, Faith, Hope, and Marcia — inherited his fortune.
So far, it appears that Motsepe has chosen the right partners, as he did with Sanlam.
In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. The digital bank is gaining about 200,000 Filipino customers every month, like its sister company TymeBank in SA, which has reached a milestone of 8-million registered customers.
TymeBank was launched in February 2019 and its expansion in the Philippines has been exceptional.
In August, GoTyme reached the 1-million customer mark, just a few months before its first anniversary on October 20.
It seems Filipinos are enamoured with a “phygital” model that seamlessly blends the conveniences of digital technology and the people-led touchpoints of Motsepe’s bank.
The bank has partnered with the Gokongwei family to set up 345 kiosks across the Philippines in Gokongwei-owned malls and retail outlets, supported by 884 bank ambassadors for customer onboarding and debit card printing.
To accelerate its growth, GoTyme recently announced the launch of its first credit product. GoTyme will soon launch its bill payment feature after introducing its ability to scan quick response codes (QR).
JG Summit is one of the largest and most diversified Filipino conglomerates, primarily engaged in businesses that cater to a growing middle class with rising disposable incomes in the Philippines and Asia.
Motsepe’s TymeBank is leveraging the reach of JG Summit for GoTyme’s growth.
Motsepe and Tyme, in partnership with Lance and his family, have a better chance of expanding into Southeast Asia, which includes Malaysia, Singapore, Indonesia, Brunei, East Timor, Myanmar, Thailand, Laos, Cambodia and Vietnam.
Tyme’s management has identified Vietnam as a potential market and the company has a presence there in the form of a product development and engineering centre in Ho Chi Minh City. Vietnam, like most Southeast Asian countries, is underserved by financial services and new digital banks such as GoTyme.
I think the conditions of the SA market are no different from Vietnam, and the experience gained by Tyme in the Philippines for almost a year will come in handy.
What will also benefit Tyme is that it has the backing of China’s Tencent and the CDC Group, the UK’s development finance institution.
The Southeast Asian market looks set to be fertile ground for Tyme and JG Summit to explore and launch financial inclusion products tested in SA and the Philippines.
If Motsepe pulls off his partnership with Lance, which I am sure will be successful, it will create one of the fastest growing major digital banks in the world, founded with mine money from SA and that of the Gokongwei family.
There is also potential to expand into Latin America after that.
For now, it looks like the partnership between Motsepe and Lance’s family will add value for shareholders and target Vietnam, but a bigger market in Southeast Asia beckons.
For the owner of Mamelodi Sundowns, a local football team, the sky is the limit. Tyme is leading the way in internationalising its operations along with its global partners.
• Lourie is the founder and editor of TechFinancials.
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