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| (Image Source: Yugatech/Tonik Digital Bank Inc.) |
Tonik, Southeast Asia's first digital-only bank, has been officially launched in the Philippines as the first neobank in the country and aims to bring a revolutionary and completely branchless way of banking on a highly secured mobile platform to the market. Supervised by the Bangko Sentral Ng Pilipinas (BSP) with deposits being insured by the Philippine Deposit Insurance Corporation, Tonik offers deposit, payment and card products to consumers through an innovative proprietary app on mobile devices. Tonik's unique cloud-based solution is powered by several global financial technology leaders including MasterCard, Finastra and Amazon Web Solutions.
“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.
Tonik is the first bank in the Philippines certified as compliant by the PCIDSS, the global "gold standard" in payment card security, and its systems are certified by CISA, the top authority in global IT security auditing. Client's access is well-protected by the highest level of security through server-based biometrics while passwords and OTPs are subject to military-grade encryption. For more information on Tonik and its offers, visit http://tonikbank.com.
