Southeast Asian digital-only bank Tonik has launched as the first neobank in the Philippines.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) while its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
Tonik’s cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services.
The neobank said in a statement that customers can open fully functional banking account in under 5 minutes within the Tonik app with their ID and selfie.
Tonik account can be topped up through interbank transfers, debit cards, or cash transactions at close to 10,000 retail agents across the country.
Upon onboarding, the customer will be issued a virtual Mastercard debit card that can be used at a variety of e-merchants.
The neobank’s offerings will soon be expanded to include a physical debit card as well as an all-digital consumer loan.
Greg Krasnov
“We believe that banking should be easy, fun, and – like most services these days – right there, in the palm of your hand.
We are using world-class technology to dramatically cut operating costs, which allows us to offer game-changing interest rates and not to charge unfair fees to our customers,”
said Greg Krasnov, Founder & CEO of Tonik.
Long Pineda
“Our mission is to trigger a wave of #NeoBankingRomance in the Philippines.
We expect our proposition for the #NeoNormal to resonate particularly strongly with the ‘digital natives’ in the Philippines, who constitute most of the population,”
said Long Pineda, President of Tonik.
Featured image credit: Edited from Pexels
