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Digital bank Tonik eyes lending expansion, hints at cryptocurrency feature

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Jessica Fenol, ABS-CBN News

<p>MANILA - Citing overwhelming demand, licensed digital bank Tonik on Wednesday said it was eyeing to launch cryptocurrency services on its app.</p><p>The digital-only neobank, which is celebrating its first year anniversary in the country, will also focus on expanding its lending services this year, Tonik Founder and CEO Greg Krasnov said.</p><p>“The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser-focused on making these available soon in our app,&quot; Krasvov said. </p><p>Tonik which launched in 2021 gained popularity in the local fintech space for its up to <a href="https://news.abs-cbn.com/business/03/18/21/new-digital-bank-tonik-offers-time-deposit-interest-up-to-6-percent">6 percent interest rate</a> on time deposits as well as its stash savings features. </p><p>&quot;We heard you, we heard a lot of people are very keen on crypto as a digital bank we feel that we need to be in the space. This is something that we as a team has been studying,&quot; Tonik chief product officer Ed Joson said. </p><p>This year, Tonik aims to expand its lending portfolio by venturing into the &quot;buy now, pay later&quot; scheme as well as home loans for to up to P2.5 million, it said. </p><p>Joson said the fintech firm aims to &quot;change the way Filipinos apply for multipurpose loans&quot; by making it faster, more convenient and purely digital through the Tonik app.</p><p>The bank is licensed by the Bangko Sentral ng Pilipinas while deposits are ensured by the Philippine Deposit Insurance Corp (PDIC), it said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/11/22/tonik-parent-raises-131m-in-series-b-funding-led-by-mizuho-bank">Tonik parent raises $131M funding led by Mizuho Bank to boost PH expansion</a></li></ul><p>Bangko Sentral ng Pilipinas has given out 6 digital licenses in the country to assess its impact on the market, Governor Benjamin Diokno earlier said.</p><p>Digital banks, which are designed to make onboarding to the formal banking system faster and more affordable, are in line with the central bank&#x27;s digitalization goals, Diokno earlier said. </p><p>The BSP aims to make 50 percent of payments digital and to encourage 70 percent of the population to open bank account by 2023 under its digitalization roadmap.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/09/21/unobank-launch-soon-philippines-digital-bank">UNObank eyes launch in PH after securing digital bank license</a></li>	<li><a href="https://news.abs-cbn.com/business/09/24/21/digital-bank-gotyme-eyes-mid-2022-launch">Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei</a></li>	<li><a href="https://news.abs-cbn.com/business/03/03/22/paymaya-eyes-test-launch-of-maya-bank-late-this-month">PayMaya eyes test launch of &#x27;crypto-ready&#x27; Maya Bank in late March</a></li></ul><p>Aside from Tonik, the BSP has awarded digital banking licenses to the Landbank&#x27;s Overseas Filipino Bank (OF Bank), PayMaya&#x27;s Maya Bank, Gokongwei Group&#x27;s GoTyme and UnionBank&#x27;s UnionDigital and <br/>UnoBank, which is backed by Singapore-based fintech company DigibankASIA Pte Ltd.</p><p>JG Summit president and CEO Lance Gokongwei earlier told ABS-CBN News that GoTyme was eyeing to launch its services by mid-2022. PayMaya&#x27;s Maya Bank, meanwhile, said it could test-launch the platform by the end of the month. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/03/21/digital-banks-to-help-drive-economic-recovery-says-bsp">Digital banks to help drive economic recovery, says BSP</a></li>	<li><a href="https://news.abs-cbn.com/business/11/16/21/bsp-eyeing-central-bank-digital-currency-use-in-near-future">BSP eyeing central bank digital currency use in &#x27;near future&#x27;, Diokno says</a></li></ul><div><strong>FROM OUR ARCHIVES:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1646531" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Citing overwhelming demand, licensed digital bank Tonik on Wednesday said it was eyeing to launch cryptocurrency services on its app.

Digital bank Tonik eyes lending expansion, hints at cryptocurrency feature

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Digital bank Tonik eyes lending expansion, hints at cryptocurrency feature

Jessica Fenol,

ABS-CBN News

Published Mar 23, 2022 11:22 AM PHT

|

Updated Mar 23, 2022 01:42 PM PHT

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Digital bank

Tonik Bank

neobank

BSP

digital payments

stash savings

time deposit

fintech

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