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Globe myBusiness and PH’s First Neobank Tonik Accelerate Financial Inclusion
With more than 50 million Filipinos still unbanked and with limited access to financial services, Tonik, Southeast Asia’s first digital-only bank and the first neobank in the Philippines, is determined to make huge strides in financial inclusion in the country in partnership with Globe myBusiness.
Launched in the Philippines last March, Tonik’s digital-only retail banking services are designed to be simple, unintimidating, and secure. As a neobank, Tonik offers its financial products and services 100% online, unlike traditional and digital banks which require maintaining a few physical branches.
Within only a month, Tonik has successfully secured over Php1B in retail deposits – a historic record for any new bank launching in the country. Most recently, Tonik has also bagged its Pre-Series B funding, solidifying its position as one of the highest funded fintechs in Southeast Asia.
Helping make this happen, Tonik 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,” shares Long Pineda, Country President at Tonik.
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 Bangko Sentral ng Pilipinas (BSP). This connectivity paved the way for the neobank 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,” adds Pineda. “We make this happen through our partnership with Globe myBusiness as we boost digital banking and financial inclusion in the Philippines.”
Tonik is on a mission to revolutionize the way money works with a new all-digital way of banking operating on a highly secure digital banking platform.
The neobank offers accessible, flexible, and inclusive financial services, including industry-leading deposit interest rates of up to 6% per annum, and unique saving features such as its Solo Stash and Group Stash products, as well as Term Deposits. Further, it is the first bank in the Philippines to be certified as compliant with standards from global authorities such as SISA and PCIDSS, the international “gold standard” in payment security to ensure that customer transactions are safe and protected.
“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,” said Bradley Pineda, Globe myBusiness marketing manager for the finance industry.
“With our wide range of connectivity solutions, we enable the financial services sector to succeed through services that enhance credibility, build customer trust and enable regulatory compliance,” he added.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
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Tonik is the first digital-only neobank in the Philippines, providing deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of its own bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds, including Sequoia India and Point72. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.