He built a $1.5bn bank. Now Revolut, Discovery Bank and PEP are circling

In this interview with Irakli Rekhviashvili, Tyme Group co-founder Coenraad Jonker gives his take on what actually protects a digital bank once the competition catches up, and why he thinks the old rules of banking no longer apply. On competitive advantage, he says: "I'm saying to my guys increasingly, I don't think there is a moat. I liken it to the time when people lived in walled cities with trenches dug around them. And then airplanes arrived, and people could fly over cities, and those walls became totally irrelevant." On why so many banks still fail to serve the poor profitably, he states: "It's not the customer that's the problem, it's the banks that's the problem." Jonker, whose group counts Brazil's Nubank among its backers, also puts a number on the group's New York listing ambitions, revealing: "I think it's more likely we'll be ready in 2030 than in 2028." He traces it all back to Hernando de Soto's The Mystery of Capital, which he read during his MBA at GIBS in 2001. "I read the book in 2001 when I was busy with my MBA at GIBS... it lit a fire. It sort of started me thinking completely differently about the challenges of financial inclusion and financial exclusion."