Neobank Tonik beefs up offer with CredoLab team up
Neobank Tonik has teamed up with CredoLab, one of Southeast Asia’s leading alternative credit scoring companies, to offer what it promises to be a faster and more secure process in loan applications for Filipino customers.
The neobank or online-only bank is set to launch its new mobile banking platform in the local market in the first quarter of 2021, offering a full range of services including transactional savings accounts, time deposits with attractive interest rates, as well as consumer loans.
‘Seamless’
To achieve a “seamless” loan application system, CredoLab’s mobile software development kit will be embedded into Tonik’s mobile banking platform, enabling credit scores to be sent to the neobank in real time.
CredoLab’s artificial intelligence-based algorithm is seen to deliver results with a high degree of predictability and accuracy, all while ensuring complete privacy protection. The lending platform is accessible and centralized in one mobile app.
“Digital-first customers today need fast and painless access to money, whenever and wherever they are,” said Greg Krasnov, founder and chief executive officer of Tonik. “Loans will be a critical part of our mission in providing better and more accessible banking options to the Filipino market whose majority is currently underserved. Our collaboration with CredoLab accelerates this mission through further enabling us to provide customers a simplified experience that is fast, reliable and secure to help manage their finances.”
Creditworthiness
CredoLab CEO and founder Peter Barcak said: “Our number one objective is to redefine the way creditworthiness is assessed. Through our partnership with Tonik, Filipinos can look forward to an easier access to attractive interest rates and rapid approvals for a simplified, user-friendly, all-digital banking experience. CredoLab’s mission has always been to make credit available to all and this collaboration will open doors, allowing more to start new businesses, access personal credit, and pursue their ambitions.”
Tonik obtained its local banking license from the Bangko Sentral ng Pilipinas at end-2019, allowing the neobank to provide retail banking services focused on retail deposits and consumer loans.
The bank believes that the Philippine banking sector is ripe for a digital disruption, in line with the trend in other markets, where digital-only neobanks have rapidly captured millions of customers and attracted billions in dollars of global investor funding.
Digital banking prospects are seen bright for the Philippines, a country where the median age in the country is 24 and most people have high daily internet and social media engagement.
