Digital bank TymeBank has appointed David Pfaff as chief financial officer of Tyme Group and chief executive of Tyme’s South African operations – to head up and oversee the launch of the banking group’s new credit product.
Pfaff brings finance and retail operations experience, having previously held the position of chief operating officer and chief financial officer in his eight-year stint at clothing retailer Truworths.
At Truworths he was responsible for a R6 billion credit book, credit risk, credit operations, store retail operations, finance and information technology. He officially took office at TymeBank on 1 March 2021.
Now at Tyme, Pfaff is expected to work on the implementation of TymeBank’s innovative consumer credit product labelled MoreTyme given his experience in retail credit.
This product is akin to lay-buy and will see the bank’s qualifying customers buying a retail product but advancing only 50% of the purchase price upfront and the balance being settled over a 30-day and 60-day period – without paying interest.
Given the relatively poor performance of the South African economy, as well as how the onset of the Covid-19 pandemic has exacerbated the already ailing economy, TymeBank opted not to offer customers unsecured loans last year.
Instead, the bank has rejigged its suite of credit products to customers.
Pfaff will also be tasked with ensuring the financial health of cross-border growth initiatives in select geographical parts of South-east Asia.
The international regulatory environment in this part of the world is becoming more favourable to the establishment of digital banks in the area.
Pfaff’s appointment follows a recent announcement that TymeBank SA and Tyme secured about R1.6 billion in foreign investment from two new international shareholders.
The new investors are Apis Growth Fund II, a fintech private equity fund managed by Apis Partners (Apis), and JG Summit Holdings (JG Summit), the renowned conglomerate owned by the Gokongwei family and one of the largest in the Philippines.
TymeBank SA is a member of the Tyme group of companies, which is headquartered in Singapore. As part of the arrangement of bringing the two new shareholders onboard, international expansion in select emerging markets will become a strategic growth priority, it said.
Pfaff is expected to divide his time between Singapore and South Africa to cover all his responsibilities.
He will work alongside TymeBank chief executive, Tauriq Keraan, who will remain in his position as CEO and continue to report to the TymeBank board.