Neobank Tonik, which is one of the first six digital banks granted a license by the Bangko Sentral ng Pilipinas, is now looking at offering cryptocurrency to expand its digital portfolio along with Buy Now, Pay Later and home loans for up to P2.5 million ($50,000)
“The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app,” said Gred Krasnov, founder and CEO, Tonik.
Tonik revealed that cryptocurrency will soon be integrated into its proprietary app to provide more opportunities for Filipinos to save using digital assets.
Tonik has been operating in the Philippines for one year now. So far, it has secured over P1 billion ($20 million) in retail deposits in just over a month of operations. Eight months later, it recorded over P5 billion ($100 million) in deposits.
The neobank offers a deposit rate of 6% per annum and its transactions are mostly done within its app.
“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services,” Krasnov said. “We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic.”
In just 12 months, Tonik introduced “game-changing” deposit, payment, and card products and services including Time Deposit rates of up to 6% p.a., nameless and secure physical debit cards, and cash loan product, Quick Loan.
After raising $131 million of funding in its Series B round led by Mizuho Bank, Tonik said it will start innovations that will benefit more Filipinos in the use of a digital-only bank.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.