Tonik, the Philippines’ first digital-only neobank, is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to P2.5 million ($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,” said Tonik Founder and CEO Greg Krasnov
The Philippines, he added, is one of the biggest markets in demand of crypto and lending services in the world, and that Tonik is laser-focused on making these available soon in its app.
Tonik marks its first year of operations in the country today. With its industry-leading deposit rates of up to 6% per annum (p.a.) and unique product offerings, the neobank was able to provide Filipinos a game-changing way to manage their finance through its revolutionary app.
Since its public launch, Tonik has been steadily growing. Bannering as the first in the country and one of the very few neobanks to secure its own license from the Bangko Sentral ng Pilipinas (BSP), it secured over $20 million in retail deposits in just over a month of operations.
Eight months later, the neobank then secured over $100 million in deposits– 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,” Krasnov added.
Tonik is supervised 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.