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PH Digital Bank Tonik Reaches 1 Million Users Milestone

PH Digital Bank Tonik Reaches 1 Million Users Milestone
  • Tonik Digital Bank celebrates a milestone of onboarding over 1 million users since 2020.
  • The bank focuses on financial inclusion and aims to bridge the gap for those with limited access to banking services.
  • Tonik Digital Bank also has plans to expand its services with cryptocurrency features.

Three years after acquiring the first digital-only banking license from the Bangko Sentral ng Pilipinas (BSP), Tonik Digital Bank recently announced a milestone as it successfully onboarded over 1 million users since 2020.

1 Million Users Milestone 

Greg Krasnov, CEO and Founder of Tonik, expressed that the bank is excited to commemorate the achievement “as it stands as a testament to the robust customer-centric model that Tonik has to offer.“

“Achieving one million onboarded clients in such a short span is a validation of the growing trust and confidence of the Filipino community in our digital banking services,” he added.

According to Krasnov, financial inclusion in the country is one of the main focuses of the bank. In a statement, Tonik Digital Bank shared that they leveraged “cutting-edge technology and a customer-focused approach” to onboard users and democratize financial services.

“We are proud to be part of the solution in bridging the gap for those who previously had limited access to banking services. Through Tonik, we are enabling more Filipinos to manage, save, and grow their money in a manner that is most convenient for them,“ Krasnov stated.

Tonik Digital Bank

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In early 2020, Singapore-based TONIK Financial announced it had acquired a digital banking license from the central bank. 

According to its website, the digital bank aims to address the $140 billion retail deposit and $100 billion unsecured retail lending opportunities in the Philippines.

Last year, Tonik Digital Bank disclosed that it plans to expand its services with cryptocurrency features and it was in the process of integrating with other individuals and entities in the crypto industry. 

What are digital banks?

According to the BSP, digital banks are a new bank category separate from existing bank categories. This type of bank does not have a physical location and all banking services are delivered over the internet.

As of August 2022, the central bank announced that all companies that applied for digital banking licenses are already functional after it completed issuing certificates of authority (COA)–the third and final step to enable these digital banks to start full operations. 

There are currently six licensed digital banks in the country: Overseas Filipino Bank of Land Bank of the Philippines; Tonik Bank of Singapore; UNObank of Singapore; GoTyme, of the Gokongwei Group and Singapore-based Tyme; UnionDigital of UnionBank; and Maya Bank, owned by PayMaya of PLDT Inc.

The submission of applications from new digital banks will be closed until December 2024. 

This article is published on BitPinas: PH Digital Bank Tonik Reaches 1 Million Users Milestone

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.