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Tonik (bank)

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Tonik Bank
Industry
FoundedMarch 18, 2021; 3 years ago (2021-03-18)
Headquarters
Pasig City
,
Philippines
Key people
Grygorii Krasnov (Founder, Chairman, and CEO)
Maria Lourdes Pineda (President and Country Manager - Philippines)
ParentTonik Financial Pte Ltd
Websitetonikbank.com

Tonik Digital Bank, Inc., commonly known as Tonik, is an all-digital bank which was launched in the Philippines in 2021,[1] notable for being the first all-digital bank, or "neobank" in Southeast Asia. Its consumer products range from deposits, payments, debit cards, and loans. It operates with its own bank license issued by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC). Its holding company is Singapore-based Tonik Financial Pte Ltd.[2]  

Tonik is backed by international investment groups Sequoia India, iGlobe Partners, Insignia Ventures, Point72 and Camerton Holdings.[3] Other than Manila, the neobank operates out of three hubs based in Singapore, Kyiv, and Chennai.[2]

History

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Tonik was founded in 2020 by serial entrepreneur Greg Krasnov at a time when the Bangko Sentral ng Pilipinas, the Philippines' central bank, was working to improve financial inclusion in the country.[4] At the time, 70% of the Filipino population who remained unbanked,[5][6] but the rise of the COVID-19 pandemic in the Philippines and the resulting enhanced community quarantine in Luzon soon resulted in a boom in demand for financial services.[7]

Tonik received its rural bank license from the BSP in December 2019 and launched a pilot test of its proprietary mobile app in the fourth quarter of 2020.[8] Tonik formally launched to the Philippine market in March 2021, raking in PHP 1 billion (USD20M) in less than 1 month – a milestone which Tonik called "a historic record for any new bank launching in the country."[2][9]  

The following quarter, the bank secured USD 17 million for its Pre-Series B funding, further strengthening its position as one of the most funded fintechs in Southeast Asia with over USD 44M in total funding as of date.[10] Tonik was issued an official digital bank license by the BSP in June 2021, becoming the first private neobank in the Philippines to do so. As of August 2021, Tonik has received PHP 3.5 billion (USD 68M) in customer deposits.[11]

Business press reactions

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Tonik's 2021 entry into the Philippine market as the country's first digital-only bank sparked the attention of both the Philippine and international business press.[1] Upon Tonik's commercial launch, for example, the Manila Bulletin[1] and London-based magazine Financial IT both noted that Tonik's completely branchless way of banking was “set out to fundamentally disrupt the Filipino retail banking industry.”[1][12]

Tonik’s offering of high-interest rates also gained the attention of the Philippine business press, with Philippine Daily Inquirer referring to the bank's rates as “staggering.”[13][14]

The Philippine Star later noted that the neobank breached the PHP 1 billion in retail deposits mark very early by partnering with Globe myBusiness and aligning its launch with the financial inclusion efforts of the BSP.[15]

Later in 2021, IBS intelligence named Tonik as one of their 5 Top FinTechs in the Philippines to watch out for in 2021,[16] while the FinTech Times included Tonik in their spotlight of neobanks and the growth of new technology in Asia.[3]

See also

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References

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  1. ^ a b c d Amadora, Len (2021-03-19). "A revolutionary digital-only bank launches in the Philippines". Manila Bulletin. Archived from the original on 2021-03-18. Retrieved 2021-12-03.
  2. ^ a b c "Tonik becomes PH's first neobank to secure digital bank license". Tonik Bank. Archived from the original on 2021-06-07. Retrieved 2021-12-03.
  3. ^ a b Rosario, Ania del (2021-04-27). "Spotlight Asia: Neobanks and Growth of New Technologies Part Two". The Fintech Times. London. Archived from the original on 2021-04-27. Retrieved 2021-12-03.
  4. ^ Oi, Rebecca (2021-09-17). "Fintechs are shattering financial inclusion barriers in the Philippines". TechWire Asia. Archived from the original on 2021-09-17. Retrieved 2021-12-04.
  5. ^ "About Us". Tonik Bank. Retrieved 2021-12-03.
  6. ^ Cooper, Julie (2021-09-27). "Greg Krasnov, Founder and CEO of Tonik". CEO Magazine. Sydney. Archived from the original on 2021-10-04. Retrieved 2021-12-04.
  7. ^ Beltran, Bjorn Biel M.; Ignacio, Chelsey Keith P.; Conoza, Adrian Paul B. (2021-09-05). "Fintech's key roles in achieving financial inclusion". BusinessWorld. Quezon City, Philippines. Archived from the original on 2021-09-05. Retrieved 2021-12-04.
  8. ^ Noble, LWT (2020-12-16). "BSP grants license to Tonik Digital Bank". BusinessWorld. Archived from the original on 2021-12-04. Retrieved 2021-12-04.
  9. ^ Cuaresma, Bianca (2021-04-28). "Digital bank Tonik records retail deposits at PhP1 billion". BusinessMirror. Makati, Philippines. Archived from the original on 2021-04-28. Retrieved 2021-12-04.
  10. ^ "Neobank Tonik Raises Funds Following Philippines Launch". finews.asia. Singapore. 2021-05-11. Archived from the original on 2021-05-11. Retrieved 2021-12-03.
  11. ^ Agcaoili, Lawrence. "Tonik digital bank deposits reach P3.5 billion". Philstar.com. The Philippine Star. Archived from the original on 26 August 2021. Retrieved 2021-12-03.
  12. ^ "Tonik Launches as First Neobank in the Philippines". Financial IT. Retrieved 2021-12-03.
  13. ^ Inquirer, Philippine Daily (2021-03-20). "Digital-only bank Tonik woos with staggering deposit interest of 6%". INQUIRER.net. Retrieved 2021-12-03.
  14. ^ Fenol, Jessica (2021-03-18). "New digital bank Tonik offers time deposit interest up to 6 percent". ABS CBN News and Public Affairs. Retrieved 2021-12-04.
  15. ^ Agcaoili, Lawrence. "Tonik secures P1 billion deposits". Philstar.com. Retrieved 2021-12-03.
  16. ^ "5 Top FinTechs in the Philippines to watch out for in 2021". IBS Intelligence. Retrieved 2021-12-03.
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