Tonik, the Philippines’ first digital-only bank, recently marked its first year of operations in the country! In case you’re not yet familiar with Tonik, this all-digital bank a.k.a. “neobank” offers products such as deposits, payments, debit cards, and loans. It has been talked about on social media for its industry-leading deposit rates of up to 6% per annum (p.a.) and unique product offerings in 2021 when the app first launched in the country. What sets them apart from other digital banks is that they want to provide a better option for “unbanked individuals” who want to skip the hassle of traditional banking and those who have little to no credit score. Everyone deserves a convenient digital bank, right?
Despite being quite new in the industry, it’s one of the very few neobanks to secure its own license from the Bangko Sentral ng Pilipinas (BSP) with over PHP 1B (USD 20M) in retail deposits in just over a month of operations. Eight months later, the neobank then secured over PHP 5B (USD 100M) in deposits – a historic record for any new bank in the Philippines.
Over the past year, Tonik has made waves in the banking industry through its game-changing deposit, payment, and card products such as Time Deposit rates of up to 6% p.a., Stashes, nameless and highly secure physical debit cards, and its first cash loan product, Quick Loan. As the legend in #neobanking enters its second year, it assures customers of more transformative innovations backed up by their latest Series B funding of USD 131M led by Mizuho Bank, one of the largest banking groups in the Asia Pacific Region – the largest Series B round ever in the Philippines.
“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic. Your trust and support helped us achieve our feats along the way and how we got to where we are now,” says Tonik Founder and CEO Greg Krasnov.
In the next 12 months, Tonik is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to PHP 2.5M (USD 50,000). Further, the neobank reveals that cryptocurrency will soon be integrated in their proprietary app to provide more opportunities for Filipinos to save using digital assets.
“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,” adds Krasnov. “The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app.”
HOW TO CREATE AN ACCOUNT
To begin your Tonik savings journey, all you need is 5-10 minutes to setup an account and dashboard:
- Download the Tonik app via Google Play orApple App Store.
- To create an account, enter your mobile number and select “Next”.
- Agree to their Terms and Conditions and click on “Continue”.
- Select your nationality and initiate Face Identity Scan. Instructions will be flashed on screen to guide you.
- Scan a valid ID (preferably government ID) and follow the instructions on screen.
- Sign digitally to complete the steps.
- Review the features and services of the app and you’re good to go!
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
To learn more about Tonik and their offers, you may visit their website at https://tonikbank.com/.
P.S. Happy first anniversary to Tonik and congratulations to all their financial rockstars who have made banking more accessible to everyone!