Tonik Digital Bank now available in the Philippines
Tonik Digital Bank has recently made available in the Philippines.
Dubbed as the first digital-only neobank in the country, Tonik provides retail financial products, including deposits, loans, savings accounts, payments, and cards through a digital banking platform. It offers retail banking services focused primarily on retail deposits and consumer loans.
Tonik Financial Pte Ltd is based in Singapore and focuses on product development and technology integration for its digital banking platform. Tonik’s banking operations in the Philippines are conducted by its local subsidiary Tonik Digital Bank Inc, regulated by Bangko Sentral ng Pilipinas as a rural bank. Per the local banking law, 40% of its local subsidiary is owned by local investors. Moreover, as Tonik Digital Bank Inc is a regulated bank entity, its deposits are insured by the PDIC.
Last year, Mastercard partnered with Tonik, allowing the bank’s customers to fulfill electronic transactions with merchants accepting Mastercard. Orchestrating the partnership is Mastercard Fintech Express, a tailored program that provides increased speed-to-market, access to a suite of digital-first products, and strategic counsel to build their offerings.
Check out the quick guide on how to use the Tonik app below.
You may visit the official Tonik Bank website for more information.