Banking

The Philippines set for first digital-only bank as Tonik gets green light

Tonik Financial has been given the green light by the Central Bank of the Philippines to launch the country’s first digital bank.

Tonik Digital Bank wants to be the firt mobile-only lender on the island nation

The new digital bank – Tonik Digital Bank – will focus on retail deposits and consumer loans and is aiming for a 2020 launch.

The company’s CEO Greg Krasnov is the founder of Ukraine’s Platinum Bank and set up Forum, a fintech venture builder based in Southeast Asia.

“We are honored to have been chosen by the regulator as a test partner in bringing these global best practices to the Philippines through the first digital-only bank license in the Philippines and indeed Southeast Asia,” says Krasnov.

“We believe that the regulator’s confidence in us serves as the testament to the unique strength and track record of our team and the attractiveness of our product philosophy.”

Related: Philippines bank tests cross-border blockchain remittance

Chuchi Fonacier, deputy governor in charge of financial supervision at the Central Bank of the Philippines, adds: “We have consciously worked on ensuring that we maintain an enabling regulatory environment for responsible new financial system players.

“We have always welcomed players who offer reliable and inclusive financial services through innovative solutions.”

According to Tonik, the Philippines is a $140 billion retail deposit market and $100 billion unsecured lending opportunity. The median age of the country is 25.7 years, while it has one of the highest levels of internet usage in the world, with 62 million people regularly logging online.

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