First pure-play digital bank in Southeast Asia receives bank license approval
TONIK Digital Bank to Launch in the Philippines in 2020
SINGAPORE – 7 JANUARY 2020 - TONIK Financial Pte Ltd (“TONIK”) announced today that its subsidiary in the Philippines, TONIK Digital Bank Inc, has received Notice of Approval for a new banking license from the Central Bank of the Philippines. The license will enable TONIK to provide retail banking services focused primarily on retail deposits and consumer loans as stipulated in its approved banking license starting 2020.
TONIK believes that the banking sector in the Philippines is ripe for a digital disruption, and will follow the lead of other markets globally, where digital-only “neobanks” have rapidly captured millions of customers and attracted over US$5 billion of investor funding in the last 2 years.