Tonik has secured more than P5 billion worth of consumer deposits.
TONIK — The digital bank has secured more than P5 billion (around USD 100 million) in consumer deposits only about 8 months after its launch in the Philippines.
Tonik Digital Bank was launched by Singapore-based Tonik Financial Pte. Ltd. last March and became the country’s first recipient of a digital-only banking license from the BSP (Bangko Sentral ng Pilipinas).
The bank said in a statement that its consumer deposit feat was supported by its flexible, unique, accessible, and inclusive products — including industry-leading deposit interest rates of up to 6 percent per annum for time deposits and unique saving features such as its “Group Stash” and “Solo Stash” products that can earn up to 4.5 percent and 4 percent per annum, respectively.
Likewise, the bank said that it secured P1 billion (about USD 20 million) in consumer deposits last April, a month after its launch.
Tonik CEO and founder Greg Krasnov said that they built Tonik to accelerate financial inclusion to more Filipinos, who deserved to “have the fully-digital ease and convenience in their banking experience”.
“We are very grateful that we’re now closer to reaching this goal with the overwhelming support that we are receiving from our customers,” Krasnov said.
Tonik also said that it recently launched its first lending product called “Quick Loan” — an all-digital loan product designed to serve the underbanked and unbanked middle-class Filipino with an affordable and quick bank loan proposition in under 15 minutes.
According to Tonik, its deposits were insured by the PDIC (Philippine Deposit Insurance Corporation).