Tonik Launches As First Neobank In The Philippines

MANILA,Philippines,March 18,2021 --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 beeasilytopped upin many convenient ways,including interbank,debit card,orin cashat close to 10,000retail 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,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.

Learn more about Tonik and what it offers via http://tonikbank.com.

About Tonik

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.