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OVERVIEW

Banking and financial services Gauteng is home to new banks and new stock exchanges.

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he website of the newest holder of a South African banking licence, TymeDigital by Commonwealth Bank SA, contains no physical address. In that Tyme stands for Take Your Money Everywhere, the name of the company that Commonwealth Bank bought in 2015, and that the bank will have no physical branches, the digital focus is logical. However, it is thought that most of the 230 staff members of the new bank are based in Gauteng, where the financial-services industry contributes 21% to the province’s gross domestic product. Africa’s largest stock exchange and the head offices of many banks and investment houses in Gauteng. So large are the operations of Gauteng’s banks that some of them have campuses in downtown Johannesburg, rather than offices. Standard Bank recently completed a R2.5-billion office complex in Sandton and Discovery’s international headquarters in the same suburb is said to be the continent’s biggest single-phase office development. Tyme’s Money Transfer product, which it launched in 2016, is available at Boxer and Pick n Pay. African Rainbow Capital is the venture’s BEE partner. The banking licence is the first to be issued since Capitec was granted a licence by the South African Reserve Bank in 1999. Other applicants for new banking licences are Discovery and Post Bank, a division of the South African Post Office. Discovery is already a GAUTENG BUSINESS 2018/19

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SECTOR INSIGHTS The Gauteng Provincial Government is investigating starting a bank. • African Rainbow Capital is an investor in several new entities. giant on the JSE (market value of R83-billion) with a wide range of products and services that give it access to millions of customers. Life insurer MMI Holdings is entering a partnership with African Bank to enable it to start taking deposits and loaning money. A further two state banks are planned: Ithala (currently an enterprise funder in KwaZulu-Natal)

Gauteng Business 2018-19  

The 2018-19 edition of the Gauteng Business and Investment Guide is the premier business and investment guide for the Gauteng province and t...

Gauteng Business 2018-19  

The 2018-19 edition of the Gauteng Business and Investment Guide is the premier business and investment guide for the Gauteng province and t...

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