News

Tonik improves financial inclusion through Google Cloud partnership

Wednesday 12 January 2022 12:57 CET | News

Singapore-based digital bank, Tonik, has tapped Google Cloud’s platform to improve financial inclusion for all Filipinos. 

Leveraging Google Cloud’s expertise in scalable infrastructure, application programming interface (API) management, machine learning (ML) and data analytics, the bank has taken ten months to innovate its Open Banking technology and deliver improved financial services.

Tonik provides core services like deposits with interest rates of up to 6% per annum. There are also unique features for customers to create separate pockets of savings to meet specific goals over time called ‘Stashes’, such as affording a vacation, a college education, or accumulating an emergency fund.

This collaboration has played a role in Tonik being entrusted with more than USD 100 million in consumer deposits within eight months after launch, having previously achieved USD 20 million in deposits in one month after launch.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cloud, financial inclusion, Open Banking, partnership, API
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Philippines
This article is part of category

Banking & Fintech