Bangko Sentral ng Pilipinas has granted a digital banking licence to the Philippine subsidiary of Singapore’s TONIK Financial.
For TONIK, the opportunity in the Philippines is represented by the fact that over 70% of the adult population remains unbanked, along with market research that found over 50% of existing bank clients would be willing to switch to a “pure-play” digital contender, according to Regulation Asia.
CIMB Bank and ING Bank also launched digital banks in the Philippines in 2019, allowing customers to register a savings account with no minimum amount or maintaining balance through their mobile phones. TONIK Digital Bank will be the first “pure-play” digital bank in Southeast Asia, the company said, focusing on retail deposits and consumer loans.
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