Virtual Banking
Neobank Tonik Bags US$17 Million in Pre-Series B Funding Round Backed by Sequoia
Philippines neobank Tonik announced that it has raised US$17 million in a Pre-Series B funding round. The round comes on the heels of Tonik’s public launch in March 2021, which saw it secure over US$20 million (1 billion pesos) in
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FICO Survey Indicates Growing Awareness of Identity Theft Among Filipinos
FICO, a global analytics software firm, did a recent survey on identity proofing and digital banking which showed that identity theft is a tangible threat for people in the Philippines. This survey was conducted in January 2021 by an independent
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State-Owned OFBank Clinches Philippines’ First Digital Banking License
Overseas Filipino Bank (OFBank), a wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), has digital only bank to secure a license under Bangko Sentral ng Pilipinas (BSP)’s newly revised digital banking framework. OFBank was issued a digital
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BSP Highlights Role of Digital Banks as Key Financial Inclusion Enabler
The Bangko Sentral ng Pilipinas (BSP) considers the digital banking framework as a key building block in promoting financial inclusion. The framework aims to enable a regulatory environment that fosters responsible innovation, promotes cyber resilience, and expand the digitalisation of
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Neobank Tonik Officially Kicks off in the Philippines
Southeast Asian digital-only bank Tonik has launched as the first neobank in the Philippines. Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) while its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Tonik’s cloud-based solution is
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How to Build a Digital Bank That’ll Actually Serve the Underserved
With many regulators in the Southeast Asian region making their moves towards digital banks, it’s not hard to see why financial institutions within the region are scrambling to put out their own take on a concept that is deemed as
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Tyme Secures US$110 Million Funding, Eyes Virtual Banking License in the Philippines
Tyme, a multi-country digital banking group headquartered in Singapore, announced its US$110 million Series B capital raise, bringing foreign investment into South Africa for TymeBank and laying the foundation for Tyme’s expansion across ASEAN starting with the Philippines. The new
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RCBC’s DiskarTech App Disburses Social Security Loan Proceeds and Benefits
Members of the Social Security System (SSS) nationwide can now get their SSS benefits and loans proceeds through Rizal Commercial Banking Corporation’s (RCBC) DiskarTech app. During the partnership launch, RCBC President and Chief Executive Officer Eugene S. Acevedo and SSS President
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Philippines Digibank Tonik Taps FinScore’s Alternative Credit Scoring Solution
Philippines digital bank Tonik has selected FinScore, a local alternative credit scoring company to process loan applications for its Filipino customers. FinScore’s AI-powered telco data credit scoring solution will be integrated with Тonik’s digital banking platform. The credit score will
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CIMB Philippines Doubles Customer Base to Over 3 Million
CIMB Bank Philippines had doubled its deposit customer base to exceed 3 million total banking customers with an 800% increase in deposits balance sheet, and 30% of these deposit customers claimed that CIMB was their first bank account. Amidst the
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