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Singapore fintech TONIK gets digital banking licence for the Philippines

Tuesday 14 January 2020 11:23 CET | News

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.

Separately, a Philippine lawmaker introduced a bill offering a new regulatory framework for digital banks in the country, in a bid to improve financial inclusion, stamp out poverty and promote fintech development
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Keywords: TONIK, Singapore, Philippines, digital bank, digital banking licence, ING, TONIK Digital Bank, pure-play digital bank, Asia, APAC, Southeast Asia
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Philippines
This article is part of category

Banking & Fintech