Tonik Bank steps up expansion in PH

Tonik Digital Bank Inc. has racked up more than P5 billion in consumer deposits eight months since it went live last March, and is now embarking on lending operations with a product that is touted to take less than 15 minutes of processing.

One of only six licensed digital banks so far in the Philippines, whose parent firm Tonik Financial Pte. Ltd. is based in Singapore, is also revving up efforts to further beef up its customer base.

“We built Tonik [Digital Bank] to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience,” Tonik founder and chief executive Greg Krasnov said in a statement.

In its first month of operations alone, Tonik’s Philippine subsidiary secured P1 billion in consumer deposits.

The company described the explosive growth in customer deposits as being supported by Tonik Digital’s “unique, accessible, flexible, and inclusive products.”

These products have features such as interest rates of up to 6 percent per year for time deposits as well as products dubbed “Solo Stash” and “Group Stash” that can earn up to 4 percent and 4.5 percent per year, respectively.

“We are very grateful that we’re now closer to reaching this goal with the overwhelming support that we are receiving from our customers,” Krasnov said.