March 21, 2023

Digital Banks among ‘Emerging Fintechs’ in the country

Tonik Digital Bank (Tonik) and UNO Digital Bank have been listed as emerging fintechs in the Philippines by Fintech News Philippines.

Tonik, the first independent all-digital bank in the country, has achieved strong growth since its launch in 2021, reaching US$20 million and US$100 million of consumer deposits within the first and eighth months of operation, respectively.

The bank said that this is a “proud moment” and that they are “happy to scale further in 2023, helping bridge the financial inclusion gap in the Philippines.”

Meanwhile, UNO Digital Bank, launched in 2022, offers a mobile app and a card that allows customers to save, borrow, transact, invest, and protect their finances.

In addition to these digital banks, other fintech companies such as BillEase, Philippine Digital Asset Exchange (PDAX), and Lista were also included in the list.

Fintech News Network (FNN) consists of seven hubs covering Fintech News around the World including Fintech News Philippines, which was Launched in 2020.