JG Summit Holdings Inc. of the Gokongwei family is doubling down with its digital push in a bid to disrupt and transform the traditional banking system and drive financial inclusion.
In a statement, JG Summit said its corporate venture capital investment arm JG Digital Equity Ventures (JGDEV) acquired a stake in Tyme by taking part in the $110 million investment round to help the South African digital bank further grow its platform.
JG Summit plans to bring Tyme’s digital experience and innovation to the Philippines to support the Bangko Sentral ng Pilipinas’ goal of bringing in an efficient, inclusive, safe and secure digital payments ecosystem.
“The investment not only propels the Gokongwei Group to accelerate its foray into disruptive digital plays, it also allows us to learn more about TymeBank’s experiences that provide a good impetus for us in considering toapply their technology and success in the Philippines,” said JG Summit president and CEO Lance Y. Gokongwei.
“With the Philippines progressively going into digital banking to bring about better financial inclusion for a greater majority of its population, this augurs well to help us successfully deliver on our purpose as a business—that of having an unrelenting commitment to provide our customers with better choices, creating shared success with our various stakeholders,” he added.
The COVID-19 pandemic has shaken up the financial services industry, spurring a wave of innovation.
JGDEV was established in 2019 to focus on JG Summit’s next-generation digital businesses which include iPrice, Southeast Asia’s leading shopping companion that offers consumers a catalog of 5 billion products; digital procurement tool Growsari targeted toward digitalizing local neighborhood retail or sari-sari stores; all-in-on hotel operatingsystem Zuzu; virtual logistics platform Zyllem; and consumer data analytics tool Snapcart.