Tonik launches in the Philippines, first Neobank in the country

Tonik, Southeast Asia's first digital-only bank, launched its first neobank in the Philippines. It has great interest rates and its own mobile app.

Tonik bank arrives in the Philippines!

Tonik digital bank is now in the Philippines

Tonik brings to the market a completely branchless way of banking through a highly secure mobile platform that the company touts to disrupt the fundamentals of the Filipino retail banking industry. Tonik is certified and supervised by the Bangko Sentral ng Pilipinas as well as its deposits are insured by the Philippine Deposit Insurance Corporation.

Simply said, Tonik is a cloud-based solution powered by global financial technology leaders such as Mastercard, Finastra, and Amazon Web Services. It enables its customers to "save big and dream big" with interest rates up to 6 percent p.a. It also has unique Stash and Group Stash features as well as traditional Term Deposits.

To open an account, customers can download the Tonik mobile app, present a valid ID, and take a selfie. A process that can take place anywhere under 5 minutes. Topping up your Tonik account can be done through interbank transactions, debit cards, or in cash to 10,000 retail agents across nationwide.

After joining Tonik, customers are issued a virtual Mastercard debit card that can be used for various online merchants. Tonik also plans to have a physical debit card as well as an all-digital consumer loan service in the future.

In terms of security, Tonik is the first bank in PH to be certified as compliant with PCIDSS. It is also certified by CISA which is the top authority in global IT security edits. Client's access is protected by server-based biometrics while all passwords and OTPs are protected by military-grade encryption.

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