Digital bank or so-called ‘neobank’ Tonik eyes its lending services expansion in the next 12 months thru venturing into buy now, pay later; and home loans up to Php 2.5M (USD 50,000). Tonik also revealed to integrate cryptocurrency in their proprietary app of the same name, aiming to provide “more opportunities for Filipinos to save using digital assets.”
On the 22nd of March, Tonik marked its first year of operations in the Philippines thru financing services such as providing loan, deposit, payment and card products all available in their digital banking platform. Its deposit rates range up to 6% per annum (p.a.).
“Armed with our unwavering dedication to accelerate financial inclusion in the country, Tonik assures that more accessible, simplified and customer-centric banking products will be available to more Filipinos in many more years to come,” said Tonik Founder and CEO Greg Krasnov in a press release.
Tonik is one of the few neobanks to secure a license from the Bangko Sentral ng Pilipinas (BSP) and has secured over PHP 5B (USD 100M) in retail deposits within eight months of operations.
Tonik is a cloud-based fintech solution powered by MasterCard, Amazon Web Services, and Finastra. It is under the supervision and BSP and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
Learn more about Tonik here.
