CBA is quickly building TymeDigital into a full service digital bank, delivering services through self-service kiosks that allow users to authenticate themselves, verify their details and transfer money.
CEO Ian Narev revealed its South African digital bank – TymeDigital by Commonwealth Bank South Africa – had run an experiment with distributed ledger technology which would now be scaled up.
“One of the aspects of this result we really do want to call out is that through this period and for the remainder of this year you are really seeing the benefits of our businesses offshore not just building business models in those markets but being an RD hub for the Commonwealth Bank to bring back into our developed markets,” Narev said in a presentation to investors.
The blockchain solution being readied for scale up in South Africa utilises the R3 Corda Distributed Ledger, the bank told CIO Australia.
It’s functionality will added to TymeCoach, a financial wellbeing platform for customers in a South Africa, and be made available this year.
“It builds on the learnings of Blockchain experiments we have conducted both locally and globally on identity,” a spokesperson told CIO Australia. “The product will build features over time utilising the power of distributed ledger technology.”
Narev added that the blockchain solution could soon make its way to Australian shores.
“So beyond what we’re doing within those markets we’re seeing the signs of building capability in those markets for application back in our home markets and starting to disrupt ourselves,” he explained.
TymeDigital by CBSA sits within CBA’s International Financial division. CBA bought the South African fintech Tyme (Take your money everywhere) in 2015.