Tonik Bank: A New Era of Banking and Finance in the Philippines

Tonik Bank is a digital-only bank that's making waves in the Philippines. It's a game-changer in the traditional banking scene.

Tonik Bank was founded in 2020 and is licensed by the Bangko Sentral ng Pilipinas (BSP). It aims to provide a more convenient and accessible banking experience for Filipinos.

With its digital platform, Tonik Bank allows customers to open an account and start banking online. No need to visit a physical branch!

Tonik Bank is also known for its high-interest savings account, which offers a competitive interest rate of 4.5% per annum.

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Tonik is a digital bank that offers a range of financial services to its customers.

Their mobile app is designed to be user-friendly and allows customers to manage their accounts, pay bills, and transfer money easily.

At Tonik, our mission is to make a positive impact on the world by providing innovative and sustainable solutions. We're passionate about creating a better future for all.

We believe that everyone deserves access to clean, reliable energy, which is why we're dedicated to making solar power more accessible and affordable. Our team is committed to delivering high-quality products and services that meet the needs of our customers.

Our goal is to empower individuals and communities to take control of their energy needs and reduce their reliance on fossil fuels. By doing so, we're helping to create a more sustainable and environmentally-friendly world.

We're committed to using only the highest quality materials and manufacturing processes to ensure that our products are both effective and durable. This commitment to quality is reflected in every aspect of our business, from product design to customer support.

Our team is made up of passionate and dedicated individuals who share our vision for a more sustainable future. Together, we're working tirelessly to make a positive impact on the world, one customer at a time.

Tonik's history dates back to 2019, when it was founded with the goal of making health insurance more accessible and affordable for Filipinos.

The company is headquartered in Singapore and has a strong presence in the Philippines, where it offers a range of health insurance products tailored to the needs of local residents.

Tonik's innovative approach to health insurance has disrupted the traditional industry model, allowing customers to purchase policies online and manage their health insurance needs through a mobile app.

The company's commitment to digitalization has enabled it to keep costs low and pass the savings on to customers, making health insurance more affordable for the masses.

Tonik's founders have a deep understanding of the Filipino market and have worked to create products that meet the unique needs of local residents, including affordable premium options and a range of coverage options.

Tonik's mobile app has been designed with user experience in mind, making it easy for customers to purchase policies, make claims, and access their health insurance information on the go.

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Tonik is a digital bank that's making waves in the Philippines by offering next-gen financial services.

Their approach is centered around an API-first strategy, which allows partners to easily integrate with their system.

Tonik uses Apigee to provide a developer portal where partners can register their apps and access API documentation.

This helps prevent mistakes that could result in customer downtime.

Developers can request an access token when they're ready to put the API into production.

Digital banks like Tonik need to consider consent management and API security to maintain customer trust.

Tonik uses Apigee to capture and manage customer consent on data sharing with authorized third parties.

This helps comply with regulatory requirements like PSD2.

Apigee also secures Tonik's APIs to minimize data breaches by malicious users.

Tonik's goal is to accelerate financial inclusion in the Philippines, and their data lake on Google Cloud plays a crucial role in achieving this.

The data lake will unify data from different sources through data pipelines using BigQuery and Cloud Storage.

This will enable Tonik to analyze customer behavior and preferences in real-time.

For example, they can identify risky lending customers and their repayment patterns.

Tonik uses an API-first approach to next-gen financial services, which means they put APIs at the center of their development process.

This approach allows partners to get started quickly with an Apigee developer portal to register their apps and access API documentation and tools.

Developers can run pre-configured API proxies in an isolated sandbox environment to prevent potential mistakes that result in customer downtime.

To put the API into production, developers can request an access token.

Tonik's API-first approach helps them comply with regulatory requirements such as PSD2 by capturing and managing customer consent on what data they're permitted to share with authorized third parties.

By securing their APIs with Apigee, Tonik minimizes data breaches by malicious users.

This approach also helps Tonik understand their customers through deep knowledge, which is crucial for delivering the right product to the right customer at the right time.

Tonik aims to build a digital lake by December 2021 using BigQuery and Cloud Storage on Google Cloud to unify data from different data sources through data pipelines.

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Tonik has made significant strides in expanding its services to more Filipinos. The bank has announced its expansion to Cebu, bringing its full suite of customer-centric and innovative products to this vibrant region.

With this expansion, customers in Cebu can now access the complete range of Tonik's products and services, including the highly anticipated Shop Installment Loan. This loan enables customers to effortlessly purchase their dream home appliances and gadgets with the lowest* monthly payments.

Tonik's expansion into Cebu is also a part of its broader strategy to revolutionize the banking industry in the Philippines. The digital bank has grown its Point of Sale (POS) network by 5x this year alone, solidifying its position as #1 credit-led digital bank and leader in consumer lending growth in the Philippines.

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Tonik Bank is expanding to Cebu, bringing its full suite of customer-centric and innovative products to the region.

The bank's vision is to enhance financial inclusivity and provide accessible banking solutions to more Filipinos. This move underscores Tonik's commitment to democratizing banking and catering to everyday needs.

The Shop Installment Loan is a standout feature in Tonik's suite of lending products, enabling customers to purchase dream home appliances and gadgets with the lowest monthly payments.

Greg Krasnov, Founder and President of Tonik, expressed the bank's excitement about expanding into Cebu, stating that it's a significant step towards achieving the goal of providing innovative solutions to Filipinos.

Cebu is the second largest market for financial services in the country, and Tonik's expansion is expected to push the bank's growth and sustain the growth of its Point of Sale (POS) network.

Tonik has grown its POS network by 5x this year, solidifying its position as #1 credit-led digital bank and leader in consumer lending growth in the Philippines.

Residents of Cebu can now enjoy the Shop Installment Loan, high-interest savings accounts, bills payments, quick and easy loans, and a seamless mobile banking experience.

The Shop Installment Loan will initially be available at select retailers, with plans to expand to more stores by Q4 2024.

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Tonik's entry into the Philippine market in 2021 as the country's first digital-only bank caught the attention of the business press.

The Manila Bulletin noted that Tonik's branchless way of banking was set out to fundamentally disrupt the Filipino retail banking industry. This new approach was a significant departure from traditional banking methods.

Tonik's high-interest rates also made headlines, with the Philippine Daily Inquirer referring to them as "staggering." This was a major selling point for the neobank.

The Philippine Star reported that Tonik breached the PHP 1 billion in retail deposits mark early on by partnering with Globe myBusiness and aligning its launch with the BSP's financial inclusion efforts. This partnership was a key factor in Tonik's success.

Tonik was recognized as one of the top FinTechs to watch out for in 2021 by IBS intelligence, and the FinTech Times included it in their spotlight of neobanks and the growth of new technology in Asia.

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Tonik Bank has 10 strategic partners and customers, which is a significant network of businesses that work together to provide innovative services.

GupShup is one of Tonik Bank's partners, and they collaborated on July 2, 2024, to develop a state-of-the-art Generative AI chatbot for Tonik Bank's mobile app.

Tonik Bank has also partnered with Xendit, a business based in Indonesia, to extend payment options for their customers. This partnership enriches Tonik Digital Bank's ecosystem by providing customers with new and convenient channels for their accounts.

Genesys is another partner of Tonik Bank, and they expanded their partnership in November 2023. This partnership demonstrates Genesys' commitment to helping organizations scale personalized, end-to-end experiences through their platform.

Sun Life Grepa Financial and FC Home Center are also partners of Tonik Bank, but unfortunately, the news snippets for these partnerships are not available due to subscription requirements.

Here are some of Tonik Bank's partners and customers:

Tonik Bank has expanded into Cebu, bringing its range of products and services to the region. This marks a significant step towards democratizing banking and providing innovative solutions to Filipinos.

The bank's Shop Installment Loan, previously available only in Luzon retailers, is now accessible to Cebu customers, enabling them to purchase home appliances and gadgets with the lowest monthly payments.

Tonik's expansion into Cebu is part of its broader strategy to revolutionize the banking industry in the Philippines, with the goal of pushing the bank's growth and sustaining the growth of its Point of Sale network.

Tonik Bank has been making waves in the industry with its recent acquisition of TendoPay on December 2, 2022. This strategic move is a testament to the bank's commitment to growth and expansion.

The acquisition was valued at $XXM, a significant investment for the company. This transaction has undoubtedly boosted Tonik Bank's presence in the market.

Tonik Bank's acquisition of TendoPay is a notable example of the bank's expansion efforts.

Tonik Bank is now in Cebu, expanding its services to the Queen City of the South.

With this expansion, customers in Cebu can now access Tonik's complete range of products and services, including the highly anticipated Shop Installment Loan.

Tonik's goal is to democratize banking and provide innovative solutions that cater to everyday needs of Filipinos, and the rollout of the Shop Installment Loan in Cebu is a significant step towards achieving that goal.

The Shop Installment Loan allows customers to purchase their dream home appliances and gadgets with the lowest monthly payments.

Greg Krasnov, Founder and President of Tonik, expressed the bank's excitement about expanding into Cebu at a recent media launch.

This year alone, Tonik has grown its Point of Sale (POS) network by 5x, solidifying its position as the #1 credit-led digital bank and leader in consumer lending growth in the Philippines.

Residents of Cebu can now enjoy the Shop Installment Loan, along with high-interest savings accounts, bills payments, quick and easy loans, and a seamless mobile banking experience.

The Shop Installment Loan will initially be available at select retailers, with plans to expand to more stores by Q4 2024.

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