{"id":194486,"date":"2017-08-25T08:07:58","date_gmt":"2017-08-25T06:07:58","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=194486"},"modified":"2017-08-25T08:07:58","modified_gmt":"2017-08-25T06:07:58","slug":"billionaire-patrice-motsepe-to-take-on-sa-banks-with-digital-banking-acquisition","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/194486\/billionaire-patrice-motsepe-to-take-on-sa-banks-with-digital-banking-acquisition\/","title":{"rendered":"Billionaire Patrice Motsepe to take on SA banks with digital banking acquisition"},"content":{"rendered":"<p>Billionaire Patrice Motsepe is set to challenge South Africa\u2019s biggest banks with\u00a0<span class=\"st\">investment company<\/span> African Rainbow Capital (ARC) close to securing a banking license.<\/p>\n<p>According to Bloomberg, the Commonwealth Bank of Australia has said it will sell 10% of digital banking company,\u00a0Tyme, to ARC, after buying the business in 2015.<\/p>\n<p>Tyme was granted a provisional license by the South African Reserve Bank\u00a0 in 2016.<\/p>\n<p>\u201cThe license is expected before the end of September,\u201d Johan van der Merwe, co-chief executive officer of African Rainbow Capital, told Bloomberg.<\/p>\n<p>The regulator is looking at the cloud-based system that ARC\u2019s fintech partner is using to make sure it works before granting the full license, he said.<\/p>\n<p>Tyme joins the likes of financial services company Discovery, and the South African Post Office in securing a provisional license.<\/p>\n<p>\u201cThe South African banking environment is due for a bit of disruption,&#8221; van der Merwe said.<\/p>\n<p>The Australian <a href=\"https:\/\/businesstech.co.za\/news\/mobile\/153815\/sa-branchless-bank-signing-up-5000-customers-every-week\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> that Tyme was signing up 5,000 new customers each week, following the the Commonwealth Bank of Australia&#8217;s acquisition for a reported AU$40 million.<\/p>\n<p>In July, African Rainbow Capital a<a href=\"https:\/\/businesstech.co.za\/news\/broadband\/188729\/motsepes-african-rainbow-capital-invests-in-mobile-network-operator-rain\/\" target=\"_blank\" rel=\"noopener\">nnounced<\/a> that it invested in 20% of fixed and mobile data network operator, Rain, of which former FNB CEO, Michael Jordaan is a director and shareholder.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/180627\/these-are-the-6-stocks-helping-hold-up-the-jse-right-now-report\/\" target=\"_blank\" rel=\"noopener\">Motsepe\u2019s African Rainbow Capital set so to list on JSE with R3 billion IPO: report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Patrice Motsepe is set to challenge South Africa\u2019s biggest banks with investment company African Rainbow Capital close to securing a banking license.<\/p>\n","protected":false},"author":10,"featured_media":79508,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[6654],"class_list":["post-194486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-tyme"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/194486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=194486"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/194486\/revisions"}],"predecessor-version":[{"id":194506,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/194486\/revisions\/194506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/79508"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=194486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=194486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=194486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}