Virtual Banking

Tonik Surpassed US$100 Million in Consumer Deposits in Less Than a Year

Philippines’ digital bank Tonik announced that it has surpassed PHP 5 billion (US$100 million) in consumer deposits 8 months after its launch of commercial operations. Tonik had previously secured PHP 1 billion (US$20 million) in consumer deposits within a month

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Fintech Philippines Report 2022 Highlights the Rise of Crypto and Advent of Digibanks

In the Philippines, the fintech sector is developing at a rapid pace, fueled by booming digitalization, a favorable regulatory landscape, and ongoing effort by the government to help boost financial inclusion, a new report jointly produced Fintech News Philippines and

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RCBC’s Diskartech Streamlines Onboarding Proccess

Rizal Commercial Banking Corporation’s (RCBC) mass-market super app DiskarTech recently launched its new streamlined onboarding process and expanded the number of acceptable IDs for faster account verification. From an original set of seven acceptable IDs required for the app’s digital

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Veteran Banker Angelo Madrid to Head PayMaya’s Digital Bank as President

Philippines digital and financial services firm Voyager Innovations has appointed seasoned banker Angelo Madrid as President of Maya Bank, its digital banking arm that will be operated by its fintech spin-off PayMaya. The appointment comes on the heels of the

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How Will Branch Banking Evolve in the Digital Age?

With digital adoption spiking up in recent years coupled with Bangko Sentral Ng Pilipinas’ recent introduction of the digital banking framework, industry pundits have been examining the relevance of branch banking and whether it will survive the digital age. A

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Voyager’s PayMaya Bags Sixth Digital Bank License From BSP

Bangko Sentral ng Pilipinas (BSP) has awarded the sixth digital banking license to Voyager Innovations (Voyager), through its financial technology arm PayMaya Philippines. PayMaya had previously raised US$167 million from the likes of Philippines telecoms PLDT, global investment firm KKR,

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Tonik Ventures Into the Consumer Lending Market With ‘Quick Loan’ Offering

Philippines’ neobank Tonik announced that it has launched a Quick Loan product on its platform marking its venture into the consumer lending market in the country. Tonik said that its all-digital Quick Loan is designed to serve the unbanked and

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BSP Will No Longer Be Accepting Digital Bank Applications

Bangko Sentral ng Pilipinas (BSP) announced that it will no longer be receiving applications for new digital banks including banks wanting to convert their status from 1st September 2021. Digital bank applications sent in to BSP until 31 August 2021

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Tonik Issues Numberless Physical Debit Card

Tonik, a Filipino digital bank that was recently licensed by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for its clients. Customers can now order physical debit cards through the app, and use these cards at

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Gokongwei-Tyme Partnership ‘GOtyme’ Clinches Fifth Digital Bank License From BSP

GOtyme, a partnership between Filipino conglomerate Gokongwei Group and Singapore-headquartered digital banking group Tyme, has secured the fifth digital bank license from the Bangko Sentral ng Pilipinas (BSP). GOtyme is expected to launch in the second quarter of 2022 and will

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