Following their recent announcement, Tonik Digital Bank disclosed with BitPinas that they are in the process of integrating, with other individuals and entities, their plans on expanding their services with cryptocurrency features.
“We are still in the process of exploring avenues and partners to integrate crypto services in our app.” – Kristel Artates, Tonik Public Relations Manager
Last March 23rd, Founder and CEO of Tonik, Greg Krasnov,, stated that they are looking to expand the neo-bank’s lending portfolio and offer cryptocurrency products and services on its app. The pending feature was proposed to keep up with the growing demand and adoption of cryptocurrency in the Philippines. Tonik is a Banko Sentral ng Pilipinas-licensed digital bank.
“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,” – Greg Krasvov, Tonik Founder and CEO
Tonik Chief Product Officer Ed Joson also confirmed that they are working on the digital bank’s possible crypto adoption.
“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,” – Ed Joson, Tonik Chief Product Officer
To expand its lending portfolio, Tonik will also venture into a “buy now, pay later” concept as well as home loans for up to P2.5 million.
Celebrating its first year anniversary, Tonik is the first to receive and among the only 6 licensed digital banks in the country; the other banks are Overseas Filipino Bank, Maya Bank, UNObank, Union Digital and GOtyme.
Following the increasing mass adoption of cryptocurrency, non-fungible token (NFT), metaverse and web 3 in the Philippines other digital banks are also aiming to enter the space.
Paymaya’s digital bank, Maya Bank, is set to launch this month while eyeing “big targets” for this year through venturing into the growing non-fungible token (NFT) market and preparing to launch crypto investments. (Read more: Paymaya NFT? Firm Sets “Big Targets” for 2022)
UnionDigital, the digital bank of UnionBank of the Philippines, is also eyeing to launch in the middle of 2022 with the plans of launching their own stable coin, PHD, and venturing into the NFT space. (Read more: UnionDigital Bank Eyes Venturing Into NFT)
Digital banks, according to the BSP, is a new bank category separate from existing bank categories. It is a type of banking where banking services are delivered over the internet.
Although crypto adoption is widely increasing in the Philippines, the Securities and Exchange Commission (SEC) still emphasizes that the investing public must be cautious in dealing with digital and cryptocurrency investments.
While the BSP stresses that they still do not encourage people to invest in cryptocurrency and due diligence is a must before engaging. (Read more: BSP, SEC Do Not Encourage the Public to Invest in Crypto)
This article is published on BitPinas: PH Digital Bank Tonik on the Lookout for Crypto Partners
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.