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Tonik Digital Banking

Singapore digital bankcleared to operate in Philippines
(The Philippine Star) - January 20, 2020 - 12:00am

MANILA, Philippines — Singapore-based digital bank Tonik Financial Pte. Ltd. has secured a license from the Bangko Sentral ng Pilipinas (BSP) to operate in the Philippines.

The license will enable Tonik, through its local unit Tonik Digital Bank Inc.,  to provide a full range of retail banking services, focused primarily on retail deposits and consumer loans, as the first digital-only branchless bank licensed platform in the Philippines, starting this year.

Tonik said  the Philippine banking sector is ripe for a digital disruption, and will follow the lead of other markets globally, where digital-only “neobanks” have rapidly captured millions of customers and attracted over $5 billion of investor funding in the last two years alone.

The Philippines represents a $140 billion retail deposit market, and a $100 billion unsecured consumer lending opportunity.  The digitally native Filipino clients, with an average age of 24, constitute the number one market globally in terms of daily internet and social media usage.  However, over 70 percent of the adult population remains unbanked, and market research indicates that over 50 percent of existing bank clients would be keen to switch their deposits to a pure-play digital contender. 

Tonik is led by its founder and CEO Greg Krasnov, who had previously co-founded four market leading fintech start-ups in the consumer finance space in Asia, as well as founded, built and successfully exited a significant consumer finance bank in Emerging Europe.

“Digital-only banks globally have successfully demonstrated their ability to take massive market share by launching hyper-compelling consumer propositions, while also operating at disruptively low unit costs, and thus generating outstanding returns on assets and equity.  We are honored to have been chosen by the regulator as a test partner in bringing these global best practices to the Philippines through the first digital-only bank license in the Philippines and indeed Southeast Asia.  We believe that the regulator’s confidence in us serves as the testament to the unique strength and track record of our team and the attractiveness of our product philosophy.  We look forward to bringing a new level of digital banking services to the Filipino clients,” Krasnov said.


https://www.philstar.com/business/2020/01/20/1986133/singapore-digital-bankcleared-operate-philippines

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Comments

  • SoulExchangeSoulExchange 青春フールパワー PEx Expert 🎖️
    I wonder how will they compete with CIMB and ING? :lol: Interesting.
    May chismis na ba kailan ang commercial launch nito? I'm quite interested. :lol:
  • piquanteyepiquanteye Member PEx Expert 🎖️
    edited January 21
    Tonik sounds like a drink. Pero mas maganda yung isang sounds like.
  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️
    I wonder how will they compete with CIMB and ING? :lol: Interesting.
    May chismis na ba kailan ang commercial launch nito? I'm quite interested. :lol:
    This year, Soul. Likely second half. :D

    Excited rin ako for them. Based on their site, they'd likely start with deposits, bills payment and loans. 
  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️
    Dito iyong office nila sa baba. Makati friends, maki-radar na. Baka mamigay sila ng PHP1000 for the first 500 customers, pang-Banapple natin. :lol:

    Level 17, 6750 Ayala Avenue, Makati City, Metro Manila 1216

  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️
    PhilStar article about Tonik.

    Very excited for their official launch this year. :)


  • pexplopexplo PEx Rookie ⭐
    master @IronHandofJustice ano po si BPC? ano local company ang katumbas nya? Bancnet? DragonPay? InstaPay? di ko po gets yung nasa website nila sabi ewallet pero payments facility din & much more hehe

    Tonik = BPC
    CIMB = ?
    ING = ?
  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️
    pexplo said:
    master @IronHandofJustice ano po si BPC? ano local company ang katumbas nya? Bancnet? DragonPay? InstaPay? di ko po gets yung nasa website nila sabi ewallet pero payments facility din & much more hehe

    Tonik = BPC
    CIMB = ?
    ING = ?
    I don't think there is a single counterpart dito sa Pinas. You can check the company here: https://www.bpcbt.com
  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️
    They will launch pala this July. Tuloy kaya kahit may COVID?

    Plus there is a new competitor pa from Eastwest.

    Hoping their market entry will benefit every Juan! :)


  • IronHandofJusticeIronHandofJustice Member PEx Guru 🎖️🎖️

    Mastercard partners with tonik, Philippines' first digital-only neobank, to accelerate financial inclusion

    The partnership reinforces Mastercard's leadership position as a fintech accelerator, with tonik officially licensed as a Mastercard issuer and integrated into Mastercard's global payment network.

    MANILA, PHILIPPINES JULY 09, 2020 -- Mastercard today announced a new partnership agreement with tonik, a two-year-old startup which recently received a bank license in the Philippines. Through this partnership, Mastercard will further enhance tonik's market proposition by enabling the latter to issue a range of electronic payments products that taps into Mastercards global network and extensive business intelligence when tonik launches operationally later this year.

    Internet penetration in the Philippines is at 67 percent , and one third of the population is millennials many of whom are digital natives. However, according to the 2017 Financial Inclusion Survey by Bangko Sentral ng Pilipinas (BSP), over 70 percent of the countrys population is unbanked . At the same time, 60 percent of Filipinos who are either in the formal banking system or can become part or the system, are willing to use offerings that are digitally focused . Achieving financial inclusion by leveraging financial technology has been top on the agenda for Bangko Sentral ng Pilipinas, which has set the goal of doubling the number of Filipinos with formal bank accounts by 2023 .

    Driving digital financial inclusion and expanding access to formal financial services for the unserved and underserved population is one of the cornerstones of tonik's proposition. As a mobile-only digital bank, tonik is able to develop highly customized, scalable banking solutions that fit the needs of a customer base that is incredibly diverse, ranging from people who are just making their first forays into the formal banking system, through to customers who have held accounts and used financial products for most of their adult lives. Because of its digital-first approach, tonik is well placed to meet consumers needs and demands irrespective of where they live, work and do business.

    We want to empower the underserved and unserved Filipinos by giving them simple, accessible, and fast digital banking experiences. We want our customers to easily gain familiarity with transacting and banking digitally in order to help them harness the full potential of the rapidly changing digital economy. Our partnership with Mastercard is about injecting more speed, scale, and performance into all facets of our business. Having immediate access to Mastercards global payment network, safety & security technology, data and analytics services, AI technology, and cybersecurity capabilities will be essential to tonik's growth and success in todays digital-first reality, said Greg Krasnov, CEO & Founder, tonik.

    Orchestrating this partnership is Mastercard Fintech Express, a tailored program which provides fintechs such as tonik with increased speed-to-market, access to a suite of digital-first products, and a cross functional team of experts to provide strategic counsel and advisory across product, partnerships, licensing and legal to be able to successfully build their offerings.

    The entire payments ecosystem thrives when fintechs have access to the technology they need to reach scale and make finances widely accessible. tonik exemplifies an agile and innovative fintech whose ambition of driving financial inclusion in the Philippines through digital-first products and seamless consumer experiences is closely aligned with Mastercards mission to connect and power an inclusive, digital economy that benefits everyone. tonik's ability to secure a bank license as a startup is nothing short of exceptional and Mastercard is delighted to partner with them to enhance the Philippines digital banking space and to boost the nations financial inclusion journey, said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.

    tonik will launch with a full range of banking services including a transactional savings account with a debit card, savings and term deposit accounts with attractive interest rates, as well as a range of consumer loans in Q3 2020. Debit Mastercard cards will be available to customers at the end of the year and will allow customers to transact and withdraw cash from everywhere Mastercard is accepted. Additional services such as loans, credit cards, and fund transfer categories will be made available in the course of 2021.

  • SoulExchangeSoulExchange 青春フールパワー PEx Expert 🎖️
    I wonder kelan sa Q3? Hahahaha
  • northkidnorthkid PEx Rookie ⭐
    September ang target nila.
  • piquanteyepiquanteye Member PEx Expert 🎖️
    Pero medyo hinde kasi kilala ang Tonik? Ano ano ba offers nila?
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