Philippine digital bank Tonik says deposits surpass P5 billion in first 8 months

digital-bank-Tonik

One of the country’s first digital banks Tonik said Thursday consumer deposits have surpassed the P5 billion mark eight months after it started to operate.

The neobank was launched in March this year and has secured P1 billion in consumer deposits after a month.

Among the features of the digital bank is up to 6 percent interest rate annually for time deposits. It also has Solo Stash or Group Stash savings features that offer up to 4 percent and 4.5 percent interest, respectively, it said.

The bank recently launched a loan product “designed to serve the vast unbanked and underbanked” Filipino middle class. Loans can be approved in under 15 minutes, it said.

“We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience,” said Tonik CEO and Founder Greg Krasnov.

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

This holiday, the digital bank said it would launch a welcome bonus and referral program.

Digital banks have no physical branches and are designed to make access to financial services easier with faster KYC (know-you-customer) on-boarding process and cheaper costs.

This type of financial service is supervised by the Bangko Sentral ng Pilipinas.

So far, the BSP has granted digital bank licenses to Land Bank’s OF Bank, UnoBank, UnionBank’s UnionDigital, Gokongwei’s GOTyme and PayMaya’s Maya Bank.

Source: https://news.abs-cbn.com/business/12/09/21/digital-bank-tonik-says-deposits-surpass-p5-b-in-first-8-months

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