{"id":281665,"date":"2018-11-02T15:14:39","date_gmt":"2018-11-02T13:14:39","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=281665"},"modified":"2018-11-02T15:53:42","modified_gmt":"2018-11-02T13:53:42","slug":"tymedigital-will-be-called-tymebank-and-its-ready-to-launch","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/281665\/tymedigital-will-be-called-tymebank-and-its-ready-to-launch\/","title":{"rendered":"TymeDigital will be called TymeBank &#8211; and it&#8217;s ready to launch"},"content":{"rendered":"<p>TymeDigital &#8211; which this past week finalised a buyout by billionaire Patrice Motsepe&#8217;s African Rainbow Capital &#8211; will be renamed to TymeBank.<\/p>\n<p>This is according to the banking group&#8217;s new CEO, Sandile Shabalala, who confirmed a launch window to <strong><a href=\"https:\/\/www.cnbcafrica.com\/videos\/2018\/11\/02\/patrice-motsepes-tymebank-set-for-launch-this-year\/\">CNBC Africa.\u00a0\u00a0<\/a><\/strong><\/p>\n<p>&#8220;We are on track, we are on target. We have just come out of the pilot right now with staff, and everything is working. We&#8217;re looking good to still launch this year,&#8221; he said.<\/p>\n<p>The reason for the name change was to introduce something easier to digest by the public at large, while keeping something that was already familiar to the banking public, Shabalala said.<\/p>\n<p>If Tyme Bank launches before for the end of the year, it will be the first of the three new major banks to launch new products in to the local market, and the only one to hit the 2018 launch window.<\/p>\n<p>FNB CEO Michael Jordaan&#8217;s Bank Zero, and Discovery Bank &#8211; have both pushed their launches into 2019.<\/p>\n<p>ARC Investments announced on Friday (2 November) that it received the necessary approvals to acquire 90% of TymeDigital by Commonwealth Bank SA.<\/p>\n<p>The acquisition will be effected through ARC\u2019s 50.1% held subsidiary, ARC Financial Holding Company, following which FinHoldCo will become the 100% owner of Tyme. The ARC Fund,<br \/>\nan <em>en commandite<\/em> partnership in which ARC Investments is a limited partner, holds 49.9% of FinHoldCo.<\/p>\n<p>While ARC did not disclose the value of the deal, the group&#8217;s executive: for corporate and stakeholder relations, Ainsley Moos, said that the 10% ARC initially acquired in Tyme was valued around R56 million.<\/p>\n<p>He said more detail on the deal will be disclosed in the group&#8217;s interim results in March 2019.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/279849\/arc-a-step-closer-to-fully-acquiring-and-launching-tymedigital-in-south-africa\/\" rel=\"bookmark\">ARC a step closer to fully acquiring and launching TymeDigital in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TymeDigital &#8211; which this past week finalised a buyout by billionaire Patrice Motsepe&#8217;s African Rainbow Capital &#8211; will be renamed to Tyme Bank, and is ready to launch before the end of 2018.<\/p>\n","protected":false},"author":10,"featured_media":281675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,13455,12458],"class_list":["post-281665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-tymebank","tag-tymedigital"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/281665","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=281665"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/281665\/revisions"}],"predecessor-version":[{"id":281677,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/281665\/revisions\/281677"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/281675"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=281665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=281665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=281665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}