First Digital Banking License Granted by the BSP Secured by PH Neobank Tonik

The Philippine neobank Tonik has acquired a digital bank license granted by the Bangko Sentral ng Pilipinas (BSP). This marks a first for any private bank in the country. Not to mention the fact that Tonik is also a digital-only bank.

“Securing a digital banking license is one of this year’s anticipated milestones for us,” said Tonik’s founder and CEO Greg Krasnov. “This will help us further strengthen our foothold in the neobanking space through accelerating the rollout of our additional lending and payment products.”

Tonik publicly launched in March of this year, which proved to be successful after it secured retail deposits amounting to over ₱1 billion in less than a month. Quite recently, it has also raised $17 million in Pre-Series B funding.

The purely digital bank operates under the supervision of the BSP, while deposits are insured by the Philippine Deposit Insurance Corporation. Tonik uses a unique cloud-based system powered by global financial technology leaders including Mastercard, Amazon Web Services, and Finastra.

Source: The Business Times