Tonik and Xendit Collaboration to Grow Digital Banking Payment Options
by Fintech News Philippines February 14, 2024Tonik Digital Bank and the Southeast Asian payment gateway Xendit have announced a new strategic partnership, set to enhance the range of financial services available to Tonik consumers by introducing secure and convenient options for managing financial transactions.
Starting from February, Tonik customers will benefit from additional avenues for funding their accounts, including transfers from established banking institutions such as BPI, UnionBank, and GCash, with RCBC and Chinabank joining the list of compatible banks.
The expansion continues into March, with over-the-counter transactions becoming available at locations such as 7-Eleven, Cebuana Lhuillier, M. Lhuillier, SM Payments, Palawan Express, LBC, and soon, e-wallets Maya and GrabPay.
Greg Krasnov
Greg Krasnov, Founder and CEO of Tonik, expressed the goal of this partnership to broaden payment options and enhance the company’s ecosystem.
“At Tonik, we are committed to providing our customers with the best possible digital banking experience. Our collaboration with Xendit is a significant step towards achieving this goal. By expanding our payment options and enhancing our ecosystem, we aim to empower Filipinos to take control of their finances with ease and confidence,”
Greg said.
This sentiment was echoed by Todd Esposito, Tonik Group Chief Financial Officer, who noted Xendit’s established reputation and its alignment with Tonik’s objectives.
Yang Yang Zhang
Yang Yang Zhang, Chief Innovation Officer at Xendit, discussed the intention behind the partnership to provide high-quality payment experiences in the Philippines, aspiring to bring the standards of service seen in Western markets to the local context.
“Guided by the highest industry standards, we build infrastructure for the everyday products that consumers use — people taking out a loan from Tonik should be able to experience the same quality, scalability of services that someone does in the Western markets or anywhere else in the world,”
she said.
This partnership between Tonik and Xendit represents a significant step towards improving the accessibility and convenience of financial services in Southeast Asia, with both companies working together to adapt and refine the digital banking experience for their customers.
Featured image credit: Edited from Freepik
