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Tonik Bank: Digital-only neobank launches in the Philippines

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TL;DR: All digital, all-app Tonik Bank launches in the Philippines.

Tonik, Southeast Asia’s first digital-only bank, launches as the first neobank in the Philippines.  Tonik brings to the market a revolutionary and branch-less way of banking on a highly secure mobile platform that sets out to fundamentally disrupt the Filipino retail banking industry. 

Tonik Bank is supervised by the Bangko Sentral ng Pilipinas (BSP).  Its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). The digital bank uses a unique cloud-based solution, powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services. 

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To enables its customers to “Save Big and Dream Bigger”, the bank offers an industry-leading deposit interest rate of up to 6% p.a. To make saving more relevant, fun, and social, the bank also offers unique Stash and Group Stash features, as well as traditional Term Deposits.   

The customers can open a fully functional bank account in under 5 minutes, using only the Tonik App, an ID, and a selfie photo. 

Tonik account can be easily topped up in many convenient ways, including interbank, debit card, 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. The product offer will soon be expanded to include a physical debit card or take out an all-digital consumer 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,” explains 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,” says Long Pineda, President of Tonik Digital Bank, Inc, Tonik’s regulated bank subsidiary in the Philippines.   

Although aiming for a friendly and humorous personality, one of the things Tonik takes extremely seriously is the security of the client’s funds and transactions on its systems. Tonik is the first bank in the Philippines certified as compliant with 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 learn more about Tonik Bank and what it offers, you may visit http://tonikbank.com.  

Author

Bryan is a tech enthusiast and self-admitted geek who enjoys blogging and watching NBA clips on YouTube. He has over 20 years of experience in corporate communications, marketing services, and customer relations from different industries such as telecommunications and banking.

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