Tonik, the Philippines’ first digital-only neobank, celebrates its first year anniversary. The company provided game-changing ways for Filipinos to manage their finances through its industry-leading deposit rates of up to 6% per annum (p.a) and unique product offerings.
In just over a month of operations since its public launch, it has managed to acquire over PHP 1 billion in retail deposits and is one of the few neobanks to secure a license from the Banko Sentral ng Pilipinas (BSP).
Furthermore, after eight months of operation, the neobank has accrued over PHP 8 billion in deposits which is a historic record for any new bank 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,”
Greg Krasnov, Tonik Founder and CEO
In the next year, the neobank is planning to expand its lending portfolio by venturing into buy now, pay later, and home loans for up to PHP 2.5 Million. Moreover, the neobank said that cryptocurrency will soon be integrated into their proprietary app so it can 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. 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,” added Krasnov
Tonik is monitored by the 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.
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