December 17, 2020
Tyme, the digital banking network that powers South Africa’s first digital bank, picks Modefin to deliver its in-store banking platform
Modefin wins the Tyme Challenge to deliver its digital banking innovation in retail payments, across ASEAN in partnership with Tyme
Tyme, the tech company that powers South Africa’s first digital bank with more than 2.5 million customers, announced its Tyme Challenge to evaluate potential fintech partners for its “high tech, high touch” digital banking initiative for roll-out across Vietnam, Malaysia and the Philippines. The Tyme Challenge invited fintechs to demonstrate their digital banking prowess by answering Challenge questions on Singapore’s Monetary Authourity APIX platform.
Tyme announced Modefin as the winner of its Tyme Challenge question addressing retail payments from its new corporate headquarters in Singapore on December 10. Tyme will be entering into a partnership with Modefin to launch a disruptive model for last mile delivery of financial services to the end customer. “We launched the TymeChallenge to introduce our Tyme model to the ASEAN community, and are thrilled to have met Modefin, one of our three winners. We look forward to engaging with the Modefin team as we expand our footprint across Asia. ” said Tyme Executive Chairman Coen Jonker.
Modefin will be deploying some of the innovations from its Omni-presence Banking suite that will allow Tyme to connect and deliver services to their customers at supermarkets, convenience stores and other merchant locations via Modefin’s In-Store Banking platform. The In-Store banking capability will deliver convenience, ease and speed by enabling transactions on Sales Till and other Point-of-Sale terminals, that are widely used in South East Asian markets, underpinned by Tyme’s existing code-based transaction system APIs, and associated reconciliation and settlement processes.
“Modefin is excited with this partnership. We are looking forward to work together with Tyme to create real impact in the lives of people, by unlocking the true power of inclusive digital banking,” said Modefin’s Chief Business Officer, Indranil Basu Roy. As a leading fintech provider to banks across the globe, Modefin has the requisite expertise and experience in deploying digital banking platforms and making banking omni present in customers’ lives.
Tyme is a digital banking network across Africa and Asia. TymeBank, our largest deployment, secured 2.5 million customers in just 22 months in South Africa. Using just a cellphone number and a South African ID number, a TymeBank customer can open a fully-KYCed account and receive a personalized debit card in 3 minutes at TymeKiosks, conveniently located in grocery stores in South Africa. Tyme recently launched South Africa’s first online and offline Buy Now Pay Later product, MoreTyme. .
Modefin is a financial technology solutions company, delivering digital banking propositions to the Banking & Financial Services industry globally. Running successfully for close to a decade, with more than 60 clients globally on its Digital Banking Platform, called “Modefin Omni-presence Ecosystem Banking Suite” (Modefin OEBS), we have been helping Banks & Financial Institutions to connect to their customers’ at every tough-point in their lives and delivering innovative services relevant to each customer. Modefin is on its way to fulfil its goal of achieving $100 million in revenues in the next 5 years.
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