Digital Digest: The Latest Tech News - TONIK, Finastra

Editorial Staff

22 January 2020

Technology firm to power its core banking capabilities.

TONIK said that it is taking the step as it launches its retail deposit and customer loans services in the Philippines.

“The banking sector in the Philippines is ripe for digital disruption. The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neo-bank,” Greg Krasnov, founder and chief executive at TONIK, said. “We want to create a hyper-compelling consumer proposition that will revolutionise the way money works in the region.”

Founded in 2018, TONIK is launching in 2020 in the Philippines through its own bank licence, with support and R&D functions based in Singapore and Chennai, India. TONIK was seeded and built by FORUM, a technology venture firm in Southeast Asia.