South African digital bank TymeBank will export its business concept and experience to its international sister company Tyme’s newly established banking operations, GOtyme, in the Philippines.

GOtyme, which has had its digital banking licence application approved by the Philippines central bank, will benefit from TymeBank’s high-touch high-tech banking model, technology, unique kiosks and digital banking expertise to bring banking simplicity and financial empowerment to the lives of Filipino consumers, TymeBank says in a statement.

The approval of the licence application, which is the first of a three-step application process to the Philippines central bank, comes shortly after TymeBank secured international investors in February this year.

The international company Tyme is partnering with one of the investors, the commercially well-established Gokongwei family from the Philippines, to launch the new digital bank in the Philippines.

Customer demographics, as well as an evolving banking regulatory environment in the Philippines will support the roll-out of GOtyme in this market, TymeBank notes.

“TymeBank’s rapid growth and high customer satisfaction scores have made us the benchmark as our international sister company Tyme begins to expand its footprint into other emerging markets to the benefit of consumers who require simple, digital banking.

“TymeBank is a proudly South African success story and we look forward to sharing our experience and the expertise we have acquired over the last two-and-a-half years with our partners at GOtyme for the benefit of Filipino consumers,” TymeBank CEO Tauriq Keraan says.

TymeBank and Tyme announced in February that they had secured a R1.6-billion investment from UK-based private equity firm Apis Growth Fund II and JG Summit Holdings, which is owned by the Gokongwei family in the Philippines.

At the time of the announcement, the company indicated that the Philippines would be its first expansion into Asia.