Mastercard and tonik partner to create the world’s first digital Neo Bank
Mastercard has announced its partnership with tonik, a two-year-old Fintech startup that has recently received a bank license in the Philippines. Mastercard aims to improve tonik’s position by enabling them to issue a range of electronic payment products.
Tonik aims to drive digital financial inclusion and provide the unserved and underserved with formal financial services. As a mobile-only bank, tonik will be able to develop a highly customized, scalable banking solution that fits the needs of their customers.
“We want to empower the underserved and unserved Filipinos by giving them simple, accessible, and fast digital banking experiences. We want our customers to easily gain familiarity with transacting and banking digitally to help them harness the full potential of the rapidly changing digital economy. Our partnership with Mastercard is about injecting more speed, scale, and performance into all facets of our business. Having immediate access to Mastercard’s global payment network, safety & security technology, data and analytics services, AI technology, and cybersecurity capabilities will be essential to tonik’s growth and success in today’s digital-first reality,” said Greg Krasnov, CEO and Founder of tonik.
Additionally, Rama Sridhar, Executive Vice President for Digital and Emerging Partnerships and New Payment Flows of Mastercard in the Asia Pacific, notes that fintech companies thrive when given the tools and technology to scale. He states, “tonik exemplifies an agile and innovative fintech whose ambition of driving financial inclusion in the Philippines through digital-first products and seamless consumer experiences is closely aligned with Mastercard’s mission to connect and power an inclusive, digital economy that benefits everyone.”
Tonik is set to launch by Q3 of 2020, with a full range of banking services, including transactional savings account with a debit card, savings, and term deposit accounts with attractive interest rates, as well as a range of consumer loans. Debit Mastercards will be available by the end of the year. Other services, including loans, credit cards, and fund transfer categories, will steadily roll out in the course of 2021.