Tonik Launches As First Neobank In The Philippines

Tonik, Southeast Asia’s first digital-only bank, launches as the first neobank in the Philippines today. Tonik brings to the market a revolutionary and completely branchless way of banking on a highly secure mobile platform that sets out to fundamentally disrupt the Filipino retail banking industry. Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP). Its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Tonik’s unique cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services.

Tonik enables its customers to “Save Big and Dream Bigger” with industry-leading deposit interest rates of up to 6% p.a. To make saving more relevant, fun, and social, Tonik offers unique Stash and Group Stash features, as well as traditional Term Deposits.

The customers can open fully functional banking account in under 5 minutes, using only the Tonik App, an ID and a selfie. Tonik account can be easily topped up in many convenient ways, including interbank, debit card, or in cash at close to 10,000 retail agents across the country. Immediately upon onboarding, the customer is issued a virtual Mastercard debit card that can be used at a variety of e-merchants. The product offer will soon be expanded to include a physical debit card or take out an all-digital consumer loan.

“We started Tonik because we were fed up with how traditional banks mistreat their customers. The fact that 70% of the Filipinos remain unbanked shows that the tedious onboarding process of traditional banks and their ridiculously low interest rates do nothing to satisfy the needs of the consumers. We believe that banking should be easy, fun, and – like most services these days – right there, in the palm of your hand. We are using world-class technology to dramatically cut operating costs, which allows us to offer game-changing interest rates and not to charge unfair fees to our customers,” explains Tonik Founder & CEO Greg Krasnov.

“Sadly, traditional banks have completely forgotten how to listen to their customer. So, we are on a quest to become the first bank brand in the Philippines with a sense of humor and an actual personality that consumers can relate to. Our mission is to trigger a wave of #NeoBankingRomance in the Philippines. We expect our proposition for the #NeoNormal to resonate particularly strongly with the ‘digital natives’ in the Philippines, who constitute most of the population,” says Long Pineda, President of Tonik Digital Bank, Inc, Tonik’s regulated bank subsidiary in the Philippines.

Although aiming for a friendly and humorous personality, one of the things Tonik takes extremely seriously is the security of the client’s funds and transactions on its systems. Tonik is the first bank in the Philippines certified as compliant with PCIDSS, the global “gold standard” in payment card security. Tonik’s systems are also certified by CISA, the top authority in global IT security audits. Client’s access is protected by the highest level of safety through server-based biometrics, while all passwords and OTPs are subject to military-grade encryption.


tonik taps CRIF for automation of loan decision and collection processes


Singapore-based TONIK Financial Pte LTD recently announced its collaboration with solutions provider CRIF for the automation of its loan origination and collection systems. The partnership will enable Tonik Financial’s Philippines-based subsidiary, TONIK Digital Bank, Inc(tonik) to increase its efficiency, and minimize its costs and risks in credit decision making and collection.

CRIF will be providing two key solutions to tonik: CRIF Loan Origination System and Contact Collection System. CRIF Loan Origination System is equipped with built-in workflow management capabilities that accelerate end-to-end loan application processing. Further, the technology enhances the bank’s compliance readiness, allowing it to achieve significant improvements by originating more applications and responding faster to its customers while also utilizing best-in-class risk management and decision techniques.

Meanwhile, CRIF Contact Collection System is a solution that supports an operational process of companies working with delinquent assets. The system’s main purpose is to provide an optimized and technically sophisticated collection process powered by a scalable architecture that easily allows for expanding workplaces and increasing number of users.

“Driving financial inclusion through empowering the underserved and unbanked Filipinos, which make up over 70% of the entire adult population in the country, is the cornerstone of what we do,” said Greg Krasnov, CEO and Founder of tonik. Our partnership with an internationally esteemed credit solutions company like CRIF enables us to stay committed to this by giving potential customers simplified and smoother digital banking experiences that allow them to fully harness its benefits of speed, security and reliability to manage their finances.”

Sharing this vision is Simone Colombara, Managing Director of CRIF Corp. Philippines, stating: “We are honored to be a trusted partner of such a disruptive financial institution such as tonik. It is truly a promising time for innovation-driven banking services in an emerging market such as the Philippines, where a huge segment of the working class remains underserved.”

Lamberto Barbieri, Asia Managing Director of CRIF, also looks forward to the partnership and its impacts to financial technology in the region. “This is indeed a milestone for CRIF as we continue to work on responding more effectively to the needs of an increasingly demanding and digitally empowered financial market in Southeast Asia. Through our solutions, we hope to be able to stimulate tonik’s role in transforming the banking sector in the Philippines.”

tonik, the Philippines’ first digital-only neobank, is set to launch a full range of banking services including a transactional savings account, time deposit accounts with attractive interest rates, as well as consumer loans in Q1 2021. Additional services such as debit MasterCard, credit cards, and fund transfer transactions will be made available over the course of the next years.