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April 24, 2024

Tonik ventures into lending and crypto products one year into its operations

Tonik Digital Bank of bankero Long Pineda is expanding its lending portfolio through a buy now, pay later and home loans program and venturing into cryptocurrency after celebrating its first year of operations in the Philippines.

In the next 12 months, the country’s first digital-only neobank is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to P2.5 million.

“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,” Tonik founder and CEO Greg Krasnov said.

Furthermore, the neobank said cryptocurrency would soon be integrated in their proprietary app to provide more opportunities for Filipinos to save using digital assets.

“Armed with our unwavering dedication to accelerate financial inclusion in the country, Tonik assures that more accessible, simplified and customer-centric banking products will be available to more Filipinos in many more years to come,” Krasnov said.

Tonik is supervised by the Bangko  Sentral ng  Pilipinas  (BSP) and deposits are insured by the Philippine Deposit Insurance Corp. (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.

With its industry-leading deposit rates of up to 6 percent per annum (p.a.) and unique product offerings, Tonik was able to provide Filipinos a game-changing way to manage their finance through its revolutionary app.

Tonik secured over P1 billion in retail deposits in just over a month of operations and eight months later, its deposit base reached a record P5 billion.

“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic,” Krasnov added.

Over the past year, Tonik has made waves in the banking industry through its game-changing deposit, payment, and card products such as Time Deposit rates of up to six percent per annum.