Tonik, the Philippines’ first digital-only neobank, 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. As the first neobank in the country and one of the very few to secure its own license from the Bangko Sentral ng Pilipinas (BSP), it secured over Php 1B (USD 20M) in retail deposits in just over a month of operations. Eight months later, the neobank then secured over Php 5B (USD 100M) in deposits – a record for any new bank in the Philippines.
Over the past year, Tonik has made waves in the banking industry through game-changing deposit, payment, and card products such as Time Deposit rates of up to 6% p.a., Stashes, nameless, and highly secure physical debit cards, and its first cash loan product, Quick Loan.
In the next 12 months, Tonik is eyeing to expand its lending portfolio through venturing into buy now, pay later, and home loans for up to Php 2.5M (USD 50,000). Further, the neobank reveals that cryptocurrency will soon be integrated into their proprietary app to provide more opportunities for Filipinos to save using digital assets.
“Armed with our unwavering dedication to accelerating 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,” says Greg Krasnov, Tonik Founder and CEO. “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.”
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.
For more information, visit https://tonikbank.com/