- Case study TymeBank
How TymeBank expanded its banking operations into ASEAN with APIX
- Problem statements4
- Duration of hackathon28 days
- Fintech participants60+
About Company
Financial Institution | South Africa | Product Development | APIX Hackathon with Sandbox
TymeBank is a fully digital South Africa-based bank that has raised USD77.8 million in pre-Series C funding, providing South Africa with accessible and affordable banking services.
The Challenge
After its establishment in South Africa, Tymebank sought to swiftly extend its banking operations into a new territory: the ASEAN region.
After its establishment in South Africa, Tymebank sought to swiftly extend its banking operations into a new territory: the ASEAN region.
Tymebank wanted to start operations as soon as they received regulatory approval. To do this in this rapid manner, they wanted to identify and be connected to best-in-class fintech solution providers in the region that could help them enhance their product capabilities. However, they had only 4 weeks to setup and develop the solutions, which was an accelerated timeline as compared to the usual 12 to 18 months needed to innovate and launch similar collaborations.
The Solution
TymeBank hosted their hackathon on APIX.
They did so with the following problem statements:
Resolve operational problems in the areas of:
- Retail store integration
- eCommerce payments
- eKYC
- Regulatory reporting
APIX’s capabilities that helped address the opportunity:
Hackathon workflow & dashboard TymeBank used APIX's end-to-end innovation platform to launch their hackathon to search for solution providers, without having to spend time building an automated workflow from scratch.
Making banking APIs available in Sandbox TymeBank published its API endpoints, sharing information with Fintechs within the secure sandbox on the platform. This helped to speed up collaboration and delivery of the solutions seamlessly.
Rapid setup of collaborative environment TymeBank used APIX Platform’s secure setup to experiment risk-free. Fintechs built prototypes and validated their solutions in the Sandbox with the bank’s APIs and information, followed by collaborative review and testing.
The Impact
The Impact
Expanded cross-border reach Through the hackathon, over 60 fintech solution providers submitted proposals to address Tymebank’s needs, in just 4 weeks.
Bridge for collaboration and partnership By leveraging APIX's secure sandbox, Tymebank was able to review and test prototypes built by fintech solution providers in a very short timeframe.
Facilitated commercial contract leads for 4 fintechs As a result of the hackathon and the ability to test rapidly, Tymebank was able to identify 4 fintech solution providers to enhance their product capabilities and get ready for an accelerated launch.
“APIX helped us to meet the Singapore community as we moved our global headquarters. We also met potential partners in the Philippines as we applied for bank licenses.”
