Virtual Banking

Philippines’ Digital Bank tonik Announces Partnership With Mastercard

Fresh off raising their US$ 21 Million Series A round, tonik announced today a partnership with Mastercard, which will allow its users access to Mastercard’s global network. This will enable its users to make payments anywhere with any merchants who

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Robocash Raises Pre-IPO Round for Philippines Digibank Despite Revoked Lending License

Robocash Group opened a US$5 million pre-IPO funding round to finance the launch of its digital bank in Philippines called Una Bank by September 2020. This move is in preparation for an initial public offering (IPO) on the Australian Stock

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RCBC’s “Taglish SuperApp” DiskarTech to Target Millions of Unbanked Filipinos

Rizal Commercial Banking Corporation (RCBC) has launched what they described as the country’s first all-in-one “Taglish” inclusion super app, DiskarTech. Taglish refers to the Philippine language Tagalog infused with American English terms that has been widely used by Filipinos locally

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Philippines Launches Overseas Filipino Bank, a Government Owned Digital Bank

The national government, spearheaded by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK), announced this week the launched the Overseas Filipino Bank (OFBank) as a digital-only bank that allows clients to complete bank transactions anytime

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RCBC Named Best Digital Bank in Philippines

The Rizal Commercial Banking Corporation (RCBC) was recognized yesterday as the “Best Digital Bank in the Philippines” by a Hong Kong-based institutional investment magazine. This year’s edition of the Annual Alpha Southeast Asia Best FI Awards deliberated on the performance

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Philippines’ Digital-Only Bank Tonik Raises $21M Series A Led by Sequoia India and Point72

Tonik Financial Pte Ltd (“tonik”) announced today that it closed a $21M round of Series A equity funding. The round was led by blue-chip VC investors Sequoia India and Point72 Ventures, with a significant participation from previous VC investors Insignia

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Philippines Central Bank Governor Says 50% of Payment Transactions Will Be Digital by 2023

At least half of retail payment transactions will be shifted to digital in three years. This according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno in a digital forum hosted today by the Fintech Alliance.ph. Along with this commitment, Diokno

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Digital Banking Transactions Continue Surge In Philippines as Quarantine Enters Week 3

From the first three days of the enhanced community quarantine (ECQ), new enrolments in RCBC Online Banking continued to rise. The bank registered last Thursday, March 26, a new high of new enrolments in one day. The daily average of

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More Filipinos Turn to Digital Banking Amidst COVID-19 Lockdown

Rizal Commercial Banking Corp. (RCBC) logged a 259% increase on new sign-ups on its online banking service in the first three days of the implementation of the enhanced community quarantine (ECQ). Bank data show a daily average of 1,116 new

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TONIK Raises US$6 Million, Eyeing to Launch Digital Bank in Philippines by 2020

TONIK announced today that it closed a US$ 6 Million round of equity funding led by regional VC investors Insignia Ventures Partners and Credence partners. The funds raised will be used to launch its digital bank in the Philippines, targetting

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