First Philippines neobank secures digital banking licence

Not long after setting the record as the nation’s first digital-only neobank, Tonik is now setting another major record as the first firm in the banking and fintech industry to obtain a digital bank license from the Bangko Sentral ng Pilipinas BSP.

The neobank first publicly launched in March 2021, acquiring retail deposits worth about in the first four weeks of doing business.

Just a few months ago, Tonik rounded up a pre-series B funding which made it one of the highest-funded fintech firms in the south-eastern region of Asia.

The key benefit of this digital banking licence is that it will allow for an accelerated roll-out of new lending and remittance solutions.  enable Tonik to accelerate the roll-out of additional lending and payment products. 

Greg Krasnov, the firm’s Chief Executive Officer, commented in a statement: “This will help us further strengthen our foothold in the neobanking space through accelerating the roll out of our additional lending and payment products.”

“This will help us further strengthen our foothold in the neobanking space through accelerating the roll out of our additional lending and payment products.”

Greg Krasnov – Tonik CEO

A few of Tonik’s financial service offerings include deposit interest rates of 6% per year, peculiar saving options like Solo Stash and Group Stash products, not forgetting its Term Deposits.