The Japan Exchange Group has named Philippines-based digital bank Tonik to its “TSE Asia Startup Hub” for 2025, preparing the way for a potential initial public offering (IPO) in Japan.

Tonik is the first Philippine company the TSE has selected for the programme, which the exchange designed to attract growth companies by supporting their business development and fundraising

Tonik’s Founder and CEO, Greg Krasnov, stated that the company is on a three-year road map towards achieving that listing.

He explained that the company preferred Tokyo to other markets like the US. Greg cited it as “by far the most liquid stock exchange in Asia.”

He added that a “unicorn plus” valuation would be more attractive in the Tokyo market.

Greg noted that a public listing is a typical path for fast-growing digital banks that need to access capital to support their expanding loan books and meet regulatory requirements.

“As a bank that is growing fast, we need a long-term solution to our capital,” he said.

Tonik’s recent performance shows it cut its pre-tax loss by 25% to US$21.9 million in 2024. However, its income grew 23% to US$24.6 million.

A potential Tokyo listing could be facilitated by key investors. This includes the Japanese lender Mizuho Bank, which owns a 10% stake in Tonik.

Greg described Mizuho’s involvement as a “massive validation point”. He even suggested that they could logically serve as the underwriter for the IPO.

Featured image: Edited by Fintech News Philippines based on images by sweet_tomato via Freepik.