Tonik secures P1 billion deposits

MANILA, Philippines — Tonik, a purely digital and branchless bank,  has secured over P1 billion in retail deposits as it partnered with Globe myBusiness to push the financial inclusion efforts of the Bangko Sentral ng Pilipinas (BSP).

Long Pineda, country president at Tonik, said the neobank partnered with Globe myBusiness to provide services that would connect them to their internal stakeholders, partners and regulators.

“Being a neobank entails being purely digital and branchless which in turn, means having our operations constantly supported by reliable connectivity that will enable us to consistently provide top-notch service and maintain collaboration with our stakeholders,” Pineda said.

Globe myBusiness-managed IP-PBX equipped Tonik with a reliable connection that allows its corporate offices to effectively communicate with regulators and other key partners, specifically the BSP.

This connectivity paved the way for Tonik to acquire a license from and continue its collaboration with the BSP to set up shop in the country.

“By being able to comply with regulations and quality standards, we are also giving our customers the extra confidence to go digital in banking. We make this happen through our partnership with Globe myBusiness as we boost digital banking and financial inclusion in the Philippines.”

Tonik offers its financial products and services 100 percent online, unlike traditional and digital banks that require maintaining a few physical branches. It offers accessible, flexible, and inclusive financial services, including industry-leading deposit interest rates of up to six percent per annum and unique saving features.

Bradley Pineda, marketing manager for the finance industry at Globe myBusiness, said   the company continues to enable the financial services sector to succeed through services that enhance credibility, build customer trust and enable regulatory compliance through a wide range of connectivity solutions.

“We are proud to be part of Tonik’s commitment to accelerate financial inclusion in the country through solutions that allow financial institutions to provide easier access to secure and affordable banking services,” Pineda said.