Modefin selected by Tyme to deliver in-store banking platform

By Edil Corneille

Tyme will be entering into a partnership with Modefin to launch what is said to be a disruptive model for last mile delivery of financial services to the end customer. Bengaluru-based Modefin will be deploying 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 FinTech provider to banks across the globe, Modefin has the requisite expertise and experience in deploying digital banking platforms and making banking omni present for customers.

Tyme is building a multi-country digital bank focused on emerging markets in Asia and Africa. The company 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 participants to demonstrate their digital banking prowess by answering questions on Singapore’s Monetary Authority APIX platform.

Tyme announced Modefin as the winner of its Tyme Challenge question addressing retail payments from its new corporate headquarters in Singapore. Tyme announced two other winners – Handshakes from Singapore and Finreg-E from the United Kingdom. The winning teams, chosen from 25 applications, responded to four challenge questions addressing retail payments, eKYC and regulatory reporting.

“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.