Following this announcement, Tonik Digital Bank expanded its Big Loan solution, a decision that aims to cater to a wider range of financial needs, preferences, and demands for small and medium-sized enterprises (SMEs) in the region of the Philippines.
Tonik’s Big Loan is set to provide entrepreneurs up to P5 million with flexible, tailored, and secure repayment options, competitive interest rates, as well as a streamlined application procedure that would elevate the lending experience of small and medium-sized businesses (SMBs). At the same time, Tonik is expected to provide personalised, end-to-end support through the use of a dedicated team of experts, which will be available to assist borrowers via a secure and fast lending process.
Tonik represents a digital-only neobank in the Philippines, aiming to provide loan, deposit, and payment tools for customers and clients with the use of a secure and efficient digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).
Micro, small, and medium-sized enterprises (MSMEs) represent a 99.58% of all of the businesses in the region of the Philippines, 67% of which face credit constraints. Tonik Digital Bank’s Big Loan will expand Filipino SMEs’ overall access to a larger amount with the flexibility and convenience they need in order to take their businesses to scale.
By providing small and medium-sized businesses (SMBs) with accessible, safe, and flexible financing through the Big Loan, the financial institution aims to not only extend their credit opportunities but also provide them with access to new benefits and capabilities. The expansion will focus on meeting the needs, preferences, and demands of Philippine-based entrepreneurs, regardless of the size of their businesses, in order to accelerate their development process in an ever-evolving industry.
The digital lending market in the region of the Philippines has seen a growth of 45.4%, and it reached USD 488.8 million in 2023. At the same time, the market is expected to reach USD 1.68 billion by 2027. The process is set to be led by digital banking services providers, such as neobanks and fintech companies, in order to develop and digitalise the local industry.
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