Tonik is supervised by the Bangko Sentral Pilipinas (BSP), while the deposits will be insured by the Philippine Deposit Insurance Corporation (PDIC).
The neobank will provide deposit, payment, and card products to the consumers through its app. Customers can open an account through the app using an ID card and a selfie. Once onboard, they will be issued a virtual Mastercard debit card that can be used for making purchases at variety of e-stores.
They can deposit money into their accounts through interbank transfers, using debit card or in cash leveraging retail agent network.
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