Tonik secures USD 100 mln in consumer deposits

Thursday 9 December 2021 13:44 CET | News

Singapore-based digital bank Tonik has secured 100 million in consumer deposits within 8 months after launch, having previously achieved USD 20 million in deposits in 1 month after launch.

Tonik’s deposit achievement in The Philippines was supported by accessible, flexible, and inclusive products, including deposit interest rates of up to 6% per annum for time deposits, and u saving features such as its Solo Stash and Group Stash products that can earn up to 4% and 4.5% per annum, respectively.

Tonik also recently launched its first lending product called ‘Quick Loan’, an all-digital loan product designed to serve the vast unbanked and underbanked Filipino middle with an affordable bank loan proposition in under 15 minutes.

Tonik holds the first private bank digital bank license in the country, is supervised by the BSP, and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its cloud-based solution is powered by global financial technology companies such as Mastercard, Amazon Web Services, and Finastra.

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Keywords: banks, digital banking, lending, cloud services, neobanks, Mastercard
Categories: Banking & Fintech
Countries: Philippines
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Banking & Fintech

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