Tonik, SEA’s first digital-only bank, launches as the Philippines’ first neobank, bringing a completely branch less banking experience on a highly secure mobile platform that’s set to disrupt the Filipino retail banking industry. It’s supervised by the Bangko Sentral ng Pilipinas (BSP), and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
Its unique cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services.
Tonik enables its customers to “Save Big and Dream Bigger” with industry-leading deposit interest rates of up to 6% p.a. To make saving more relevant, fun, and social, it even offers a unique Stash and Group Stash feature, apart from traditional Term Deposits.
A customer can open a fully functioning banking account in under 5 minutes, using only the Tonik App, an ID, and a selfie. To top-up a Tonik account, customers can choose from interbank transfers, debit cards, or in cash at close to 10,000 retail agents across the country. Immediately upon onboarding, the customer is issued a virtual Mastercard debit card that can be used at a variety of e-merchants. Soon, there will also be a physical debit card and customers will be able to take out an all-digital consumers loan.
“We started Tonik because we were fed up with how traditional banks mistreat their customers. The fact that 70% of the Filipinos remain unbanked shows that the tedious onboarding process of traditional banks and their ridiculously low interest rates do nothing to satisfy the needs of the consumers. We believe that banking should be easy, fun, and – like most services these days – right there, in the palm of your hand. We are using world-class technology to dramatically cut operating costs, which allows us to offer game-changing interest rates and not to charge unfair fees to our customers.”
– Tonik Founder & CEO Greg Krasnov
“Sadly, traditional banks have completely forgotten how to listen to their customer. So, we are on a quest to become the first bank brand in the Philippines with a sense of humor and an actual personality that consumers can relate to. Our mission is to trigger a wave of NeoBankingRomance in the Philippines. We expect our proposition for the #NeoNormal to resonate particularly strongly with the ‘digital natives’ in the Philippines, who constitute most of the population.”
– Long Pineda, President of Tonik Digital Bank, Inc, Tonik’s regulated bank subsidiary in the Philippines
Tonik is the first bank in the Philippines certified as compliant with the PCIDSS, the global “gold standard” in payment card security. Tonik’s systems are also certified by CISA, the top authority in global IT security audits. Client’s access is protected by the highest level of safety through server-based biometrics, while all passwords and OTPs are subject to military-grade encryption.
To know more about Tonki and what it offers, click here.
Emman has been writing technical and feature articles since 2010. Prior to this, he became one of the instructors at Asia Pacific College in 2008, and eventually landed a job as Business Analyst and Technical Writer at Integrated Open Source Solutions for almost 3 years.