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Virtual Banking

Tonik Aims to Roll Out BNPL and Crypto Products in the Next Year

Philippines’ neobank Tonik marks its first year of operations in the country after securing a digital bank license from the Bangko Sentral ng Pilipinas (BSP) in June last year. Since its public launch, Tonik recorded PHP 1 billion (US$ 20

Funding Virtual Banking

Tonik Pulls in US$131 Million From Series B Fundraise Led by Mizuho Bank

Philippines’ digital bank Tonik announced that it closed a US$131 million Series B equity funding round led by Japan’s Mizuho Bank which has been active in the country since 1981. Other significant new investors in the round included Prosus Ventures

Virtual Banking

RCBC’s DiskarTech App Recorded 5-Digit Growth in Transactions Last Year

Rizal Commercial Banking Corporation (RCBC) has witnessed a five-digit growth in both transaction volume and value through its digital platforms as of 2021. The bank’s financial inclusion app DiskarTech has reached over five million downloads in less than two years

Cloud Open Banking Virtual Banking

Tonik Taps Google Cloud to Build its Digital Bank

Philippines’ neobank Tonik announced that it is has built on Google Cloud’s advanced platform to deliver its financial services in just 10 months. The bank had leveraged Google Cloud’s expertise in scalable infrastructure, application programming interface (API) management, machine learning (ML)

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

Crypto E-wallets Editor's Pick Philippines Virtual Banking

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

Virtual Banking

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

Virtual Banking

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

Virtual Banking

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

Virtual Banking

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,