Tonik Financial Pte. Ltd. of Singapore has made its way to the Philippines through its Tonik Digital Bank Inc., unit that handles its digital-only a.k.a “neobank” services.
Tonik is the first in the Philippines to receive a digital-only banking license from the Bangko Sentral ng Pilipinas (BSP). Right away, the bank is showing off by announcing its whopping 6% yearly interest rate on deposits.
As per Tonik, the deposits it would receive are insured by the Philippine Deposit Insurance Corporation (PDIC).
Tonik Bank then uses cloud-based solutions powered by some of the pioneers in the industry: Mastercard, Amazon Web Services, and Finastra.
Since it’s a digital-based solution, opening an account is really easy. As per Tonik, customers can start a fully functional bank account in less than five minutes.
To start a Tonik Bank account in the Philippines, users will have to install the Tonik App available on both Google Play Store for Android and Apple App Store. You then have to take a picture of a valid ID and take a selfie to verify your identity.
Adding money to your Tonik account is also fairly easy. You can do so via interbank transfer, debit card, or cash in at around 10,000 retail agents across the Philippines.
Tonik Bank will soon offer physical debit card and all-digital consumer loan.
As per founder Greg Krasnov, 70% of Filipinos still don’t have a bank account. Tonik’s easy access and enticing deposit interest rates should encourage more people to open one finally.