Tonik Digital Bank, Inc., commonly known as Tonik, is an all-digital bank which was launched in the Philippines in 2021,[1] notable for being the first all-digital bank, or "neobank" in Southeast Asia. Its consumer products range from deposits, payments, debit cards, and loans. It operates with its own bank license issued by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC). Its holding company is Singapore-based Tonik Financial Pte Ltd.[2]
Tonik is backed by international investment groups Sequoia India, iGlobe Partners, Insignia Ventures, Point72 and Camerton Holdings.[3] Other than Manila, the neobank operates out of three hubs based in Singapore, Kyiv, and Chennai.[2]
Tonik was founded in 2020 by serial entrepreneur Greg Krasnov at a time when the Bangko Sentral ng Pilipinas, the Philippines' central bank, was working to improve financial inclusion in the country.[4] At the time, 70% of the Filipino population who remained unbanked,[5][6] but the rise of the COVID-19 pandemic in the Philippines and the resulting enhanced community quarantine in Luzon soon resulted in a boom in demand for financial services.[7]
Tonik received its rural bank license from the BSP in December 2019 and launched a pilot test of its proprietary mobile app in the fourth quarter of 2020.[8] Tonik formally launched to the Philippine market in March 2021, raking in PHP 1 billion (USD20M) in less than 1 month – a milestone which Tonik called "a historic record for any new bank launching in the country."[2][9]
The following quarter, the bank secured USD 17 million for its Pre-Series B funding, further strengthening its position as one of the most funded fintechs in Southeast Asia with over USD 44M in total funding as of date.[10] Tonik was issued an official digital bank license by the BSP in June 2021, becoming the first private neobank in the Philippines to do so. As of August 2021, Tonik has received PHP 3.5 billion (USD 68M) in customer deposits.[11]
Business press reactionsedit
Tonik's 2021 entry into the Philippine market as the country's first digital-only bank sparked the attention of both the Philippine and international business press.[1] Upon Tonik's commercial launch, for example, the Manila Bulletin[1] and London-based magazine Financial IT both noted that Tonik's completely branchless way of banking was “set out to fundamentally disrupt the Filipino retail banking industry.”[1][12]
Tonik’s offering of high-interest rates also gained the attention of the Philippine business press, with Philippine Daily Inquirer referring to the bank's rates as “staggering.”[13][14]
The Philippine Star later noted that the neobank breached the PHP 1 billion in retail deposits mark very early by partnering with Globe myBusiness and aligning its launch with the financial inclusion efforts of the BSP.[15]
Later in 2021, IBS intelligence named Tonik as one of their 5 Top FinTechs in the Philippines to watch out for in 2021,[16] while the FinTech Times included Tonik in their spotlight of neobanks and the growth of new technology in Asia.[3]
^ abcdAmadora, Len (2021-03-19). "A revolutionary digital-only bank launches in the Philippines". Manila Bulletin. from the original on 2021-03-18. Retrieved 2021-12-03.
^ abc"Tonik becomes PH's first neobank to secure digital bank license". Tonik Bank. from the original on 2021-06-07. Retrieved 2021-12-03.
^ abRosario, Ania del (2021-04-27). "Spotlight Asia: Neobanks and Growth of New Technologies Part Two". The Fintech Times. London. from the original on 2021-04-27. Retrieved 2021-12-03.
^Oi, Rebecca (2021-09-17). "Fintechs are shattering financial inclusion barriers in the Philippines". TechWire Asia. from the original on 2021-09-17. Retrieved 2021-12-04.
^Cooper, Julie (2021-09-27). "Greg Krasnov, Founder and CEO of Tonik". CEO Magazine. Sydney. from the original on 2021-10-04. Retrieved 2021-12-04.
^Beltran, Bjorn Biel M.; Ignacio, Chelsey Keith P.; Conoza, Adrian Paul B. (2021-09-05). "Fintech's key roles in achieving financial inclusion". BusinessWorld. Quezon City, Philippines. from the original on 2021-09-05. Retrieved 2021-12-04.
^Noble, LWT (2020-12-16). "BSP grants license to Tonik Digital Bank". BusinessWorld. from the original on 2021-12-04. Retrieved 2021-12-04.
^Cuaresma, Bianca (2021-04-28). "Digital bank Tonik records retail deposits at PhP1 billion". BusinessMirror. Makati, Philippines. from the original on 2021-04-28. Retrieved 2021-12-04.
^"Neobank Tonik Raises Funds Following Philippines Launch". finews.asia. Singapore. 2021-05-11. from the original on 2021-05-11. Retrieved 2021-12-03.
^Agcaoili, Lawrence. "Tonik digital bank deposits reach P3.5 billion". Philstar.com. The Philippine Star. from the original on 26 August 2021. Retrieved 2021-12-03.
^"Tonik Launches as First Neobank in the Philippines". Financial IT. Retrieved 2021-12-03.
^Inquirer, Philippine Daily (2021-03-20). "Digital-only bank Tonik woos with staggering deposit interest of 6%". INQUIRER.net. Retrieved 2021-12-03.
^Fenol, Jessica (2021-03-18). "New digital bank Tonik offers time deposit interest up to 6 percent". ABS CBN News and Public Affairs. Retrieved 2021-12-04.
^"5 Top FinTechs in the Philippines to watch out for in 2021". IBS Intelligence. Retrieved 2021-12-03.
External linksedit
Official website
December 15, 2023
tonik, bank, tonik, digital, bank, commonly, known, tonik, digital, bank, which, launched, philippines, 2021, notable, being, first, digital, bank, neobank, southeast, asia, consumer, products, range, from, deposits, payments, debit, cards, loans, operates, wi. Tonik Digital Bank Inc commonly known as Tonik is an all digital bank which was launched in the Philippines in 2021 1 notable for being the first all digital bank or neobank in Southeast Asia Its consumer products range from deposits payments debit cards and loans It operates with its own bank license issued by the Bangko Sentral ng Pilipinas BSP with deposits insured by the Philippine Deposit Insurance Corporation PDIC Its holding company is Singapore based Tonik Financial Pte Ltd 2 Tonik BankIndustryFinancial servicesBankingFoundedMarch 18 2021 2 years ago 2021 03 18 HeadquartersPasig City PhilippinesKey peopleGrygorii Krasnov Founder Chairman and CEO Maria Lourdes Pineda President and Country Manager Philippines ParentTonik Financial Pte LtdWebsitetonikbank wbr comTonik is backed by international investment groups Sequoia India iGlobe Partners Insignia Ventures Point72 and Camerton Holdings 3 Other than Manila the neobank operates out of three hubs based in Singapore Kyiv and Chennai 2 Contents 1 History 2 Business press reactions 3 See also 4 References 5 External linksHistory editTonik was founded in 2020 by serial entrepreneur Greg Krasnov at a time when the Bangko Sentral ng Pilipinas the Philippines central bank was working to improve financial inclusion in the country 4 At the time 70 of the Filipino population who remained unbanked 5 6 but the rise of the COVID 19 pandemic in the Philippines and the resulting enhanced community quarantine in Luzon soon resulted in a boom in demand for financial services 7 Tonik received its rural bank license from the BSP in December 2019 and launched a pilot test of its proprietary mobile app in the fourth quarter of 2020 8 Tonik formally launched to the Philippine market in March 2021 raking in PHP 1 billion USD20M in less than 1 month a milestone which Tonik called a historic record for any new bank launching in the country 2 9 The following quarter the bank secured USD 17 million for its Pre Series B funding further strengthening its position as one of the most funded fintechs in Southeast Asia with over USD 44M in total funding as of date 10 Tonik was issued an official digital bank license by the BSP in June 2021 becoming the first private neobank in the Philippines to do so As of August 2021 Tonik has received PHP 3 5 billion USD 68M in customer deposits 11 Business press reactions editTonik s 2021 entry into the Philippine market as the country s first digital only bank sparked the attention of both the Philippine and international business press 1 Upon Tonik s commercial launch for example the Manila Bulletin 1 and London based magazine Financial IT both noted that Tonik s completely branchless way of banking was set out to fundamentally disrupt the Filipino retail banking industry 1 12 Tonik s offering of high interest rates also gained the attention of the Philippine business press with Philippine Daily Inquirer referring to the bank s rates as staggering 13 14 The Philippine Star later noted that the neobank breached the PHP 1 billion in retail deposits mark very early by partnering with Globe myBusiness and aligning its launch with the financial inclusion efforts of the BSP 15 Later in 2021 IBS intelligence named Tonik as one of their 5 Top FinTechs in the Philippines to watch out for in 2021 16 while the FinTech Times included Tonik in their spotlight of neobanks and the growth of new technology in Asia 3 See also editDigital banks in the Philippines Neobank Tonik Review 2022References edit a b c d Amadora Len 2021 03 19 A revolutionary digital only bank launches in the Philippines Manila Bulletin Archived from the original on 2021 03 18 Retrieved 2021 12 03 a b c Tonik becomes PH s first neobank to secure digital bank license Tonik Bank Archived from the original on 2021 06 07 Retrieved 2021 12 03 a b Rosario Ania del 2021 04 27 Spotlight Asia Neobanks and Growth of New Technologies Part Two The Fintech Times London Archived from the original on 2021 04 27 Retrieved 2021 12 03 Oi Rebecca 2021 09 17 Fintechs are shattering financial inclusion barriers in the Philippines TechWire Asia Archived from the original on 2021 09 17 Retrieved 2021 12 04 About Us Tonik Bank Retrieved 2021 12 03 Cooper Julie 2021 09 27 Greg Krasnov Founder and CEO of Tonik CEO Magazine Sydney Archived from the original on 2021 10 04 Retrieved 2021 12 04 Beltran Bjorn Biel M Ignacio Chelsey Keith P Conoza Adrian Paul B 2021 09 05 Fintech s key roles in achieving financial inclusion BusinessWorld Quezon City Philippines Archived from the original on 2021 09 05 Retrieved 2021 12 04 Noble LWT 2020 12 16 BSP grants license to Tonik Digital Bank BusinessWorld Archived from the original on 2021 12 04 Retrieved 2021 12 04 Cuaresma Bianca 2021 04 28 Digital bank Tonik records retail deposits at PhP1 billion BusinessMirror Makati Philippines Archived from the original on 2021 04 28 Retrieved 2021 12 04 Neobank Tonik Raises Funds Following Philippines Launch finews asia Singapore 2021 05 11 Archived from the original on 2021 05 11 Retrieved 2021 12 03 Agcaoili Lawrence Tonik digital bank deposits reach P3 5 billion Philstar com The Philippine Star Archived from the original on 26 August 2021 Retrieved 2021 12 03 Tonik Launches as First Neobank in the Philippines Financial IT Retrieved 2021 12 03 Inquirer Philippine Daily 2021 03 20 Digital only bank Tonik woos with staggering deposit interest of 6 INQUIRER net Retrieved 2021 12 03 Fenol Jessica 2021 03 18 New digital bank Tonik offers time deposit interest up to 6 percent ABS CBN News and Public Affairs Retrieved 2021 12 04 Agcaoili Lawrence Tonik secures P1 billion deposits Philstar com Retrieved 2021 12 03 5 Top FinTechs in the Philippines to watch out for in 2021 IBS Intelligence Retrieved 2021 12 03 External links editOfficial website Retrieved from https en wikipedia org w index php title Tonik bank amp oldid 1180300264, wikipedia, wiki, book, books, library,
