The development comes after the neobank’s public launch in March 2021, which saw it secure over USD 20 million in retail deposits in under one month.
In December 2019, Tonik received its initial rural bank licence from the BSP, allowing the neobank to provide retail banking services focused on retail deposits, card payments and consumer loans. A year later, the BSP issued Circular No. 1105 on The Guidelines on the Establishment of Digital Banks, clearing the way for Tonik to scale up and apply for a formal digital bank licence.
Tonik is supervised by the Bangko Sentral Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).
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