PH first Digital-only Neobank celebrates Its First year of Operations

On March 23, 2022, Tonik, the first digital-only neobank in the Philippines, celebrates its first year of operations. The neobank provides industry-leading deposit rates of up to 6% per annum and unique product offerings to provide Filipinos with a new way to manage their finances through its revolutionary app.

Tonik was one of the few neobanks to secure a license from the Bangko Sentral ng Pilipinas (BSP), acquiring P1 billion in retail deposits in a little over a month of operations. In the months that followed, the bank secured over P5 billion in deposits, a record for new banks in the Philippines.

“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neo banking services to Filipinos as we all navigated through the pandemic. Your trust and support helped us achieve our feats along the way and how we got to where we are now,” says Tonik Founder and CEO Greg Krasnov.

As part of their innovations to banking, Tonik offers Stashes, a nameless and highly secure physical debit card, as well as its cash loan product, Quick Loan. As the company enters its second year of operations it reportedly aims to expand its lending portfolio through “buy now, pay later” and home loans of up to P2.5 million.

Additionally, the neobank stated that it will be exploring the cryptocurrency industry as they plan to integrate it in their proprietary mobile app to provide more options for Filipinos to save using digital assets.

“Armed with our unwavering dedication to accelerate 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,” adds Krasnov. “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.”

Source: Manila Bulletin