Tonik, which is the first licenced digital-only bank in the Philippines, will go live in July, according to its founder and chief executive Greg Krasnov. The digital bank will primarily focus on retail deposits and consumer loans.
Singapore-based fintech company Tonik Financial owns a 60 percent stake in Tonik, whereas the remaining 40 percent is owned by two Singaporean family offices.
Earlier in January, Tonik Financial announced that its subsidiary Tonik Digital Bank received approval from the Bangko Sentral ng Pilipinas (BSP)- the central bank of Philippines, to provide digital banking services in the country.
Tonik Financial recently raised around $6 million in a fresh round of funding to launch its digital bank in the Philippines.
Investors who took part in the funding round for Tonik include venture capital firm Insignia Ventures Partners and Credence Partners. Regional angel investors also participated in the funding round.
Greg Krasnov, founder and chief executive at Tonik told the media, “Over 70 percent of the adult population in the Philippines remains unbanked, and market research indicates that over 50 percent of existing bank clients would be keen to switch their deposits to a pure-play digital contender. We look forward to working with our new investors to improve financial inclusion in the country.”
To launch its digital bank in the Philippines, Tonik is partnering with Finastra to use its cloud platform to power its end-to-end core banking capabilities.
Traditional banks such as CIMB, ING, and MayBank have also launched their own digital banking units in the Philippines.