Tonik becomes the first digital bank in the Philippines with a digital banking license after the country's Central bank - Bangko Sentral ng Pilipinas (BSP), issued the firm a banking license.
Tonik is the first digital-only neobank in the Philippines, providing deposit, payment, and card products to consumers on a highly secure digital banking platform. It is backed by top international venture capital funds, including Sequoia India and Point72. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.
The latest achievement comes on the heels of Tonik's successful public launch in March. The public launch in March made history in the country's banking sector, securing over a billion persons (US$20M) in retail deposit in less than a month.
"Securing a digital banking license is one of this year's anticipated milestones for us. This will help us further strengthen our foothold in the neobanking space through accelerating the rollout of our additional lending and payment products. "Greg Krasnov, Tonik CEO and Founder.
Recently, the company secured a Pre-Series B funding, further cementing its position as one of the highest funded Fintechs in Southeast Asia.
The company in 2019 secured its initial rural bank license from the BSP, which confer on it the power to provide retail banking services focused on retail deposits, card payments and consumer loans. A year later, the BSP issued Circular No. 1105 on The Guidelines on the Establishment of Digital Banks, clearing the way for Tonik to scale up and apply for a formal digital bank license.
"We are truly privileged to be working with a regulator such as the BSP who shares the same vision of bolstering financial inclusion in the country. An official digital bank license will enable us to offer more products and services to narrow the gap between the banked population and the huge underserved segment in the Philippines." Long Pineda, Country President at Tonik.
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.
Philippines in focus
GDP: $376.796 billion compared to Indonesia's $1.119 trillion in 2019
Population: 108,116,615 compared to Indonesia's 270,625,568 in 2019
GDP per capita: $3,485 compared to Indonesia's $4,135 in 2019