Manila’s first all-digital bank offers 6% deposit rate
-With game-changing deposit interest rates of up to 6% p.a., Tonik offers deposit, payment, and card products to consumers through its revolutionary proprietary app
MANILA, Philippines, March 18, 2021 /PRNewswire/ --
MANILA -- Tonik, Southeast Asia's first digital-only bank, has launches as the first neobank in the Philippines, seting out to fundamentally disrupt the Filipino retail banking industry. It is offering up to 6% deposit rates, along with payment and card products.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its cloud-based solution is powered by Mastercard, Finastra, and Amazon Web Services.
Fully functional banking account can be opened in less than five minutes, using the Tonik App, an ID and a selfie, and the account can be easily topped up using interbank, debit card, or in cash at close to 10,000 retail agents across the Philippines.
The customer is issued a virtual Mastercard debit card that can be used at a variety of e-merchants. Tonik says the product offer will soon be expanded to include a physical debit card or the customer can take out an all-digital consumer loan.
"The fact that 70% of Filipinos remain unbanked shows that the tedious onboarding process of traditional banks and their low interest rates does nothing to satisfy the needs of consumers," says Tonik Founder & CEO Greg Krasnov.
"We are on a quest to become the first bank brand in the Philippines with a sense of humour and an actual personality that consumers can relate to." Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.