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‘Neobank’ seen spurring inclusion

While Tonik was launched only last March, its digital-only retail banking services has already secured over P1 billion

Joshua Lao

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The country has its first so-called neobank, Tonik, which aims to further penetrate the unbanked sector of the population through a partnership with Globe myBusiness.

While Tonik was launched only last March, its digital-only retail banking services has already secured over P1 billion, a historic record for any new bank in the country.

Still, the Bank has also managed to secure its Pre-Series B funding, solidifying its position among the highest funded fintechs in the region.

Tonik country president Long Pineda expressed his satisfaction with the development as he noted their intentions to work closely with their stakeholders.

Connectivity must not fail

“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,” Pineda explained.

“By being able to comply with regulations and quality standards, we are also giving our customers the extra confidence to go digital in banking,” she added.

According to him, the partnership with Globe will help boost digital banking and financial inclusion initiatives in the country.

Trust built

Globe myBusiness marketing manager Bradley Pineda shared the same sentiment as noted on their commitment to accelerate financial inclusion in the country through their collaboration with Tonik.

“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,” Pineda said.

Tonik falls under the oversight of the Bangko Sentral ng Pilipinas with the Philippine Deposit Insurance Corporation insuring its clients deposits.

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