TONIK to launch the first digital-only bank in the Philippines

Thursday 5 March 2020 10:37 CET | News

Preparing for its launch, TONIK has selected BPC as its exclusive payment partner, leveraging BPC’s payments processing centre and its SmartVista solution. 

TONIK, founded in 2018, received its banking license from Bangko Sentral ng Pilipinas (Philippines’ Central Bank) in January 2020.

Funded by Forum, a fintech venture capital company in Southeast Asia, TONIK will focus on retail banking products ranging from deposits to consumer loans. The bank estimates it is addressing an untapped market of USD 140 billion for retail deposits, and a USD 100 billion unsecured consumer lending opportunity.

TONIK has chosen BPC with its paytech Radar Payments as its exclusive partner for payments processing activities, delivered through a Software as a Service (SaaS) model. All payments activities such as payment switching, fraud management and card lifecycle management will be handled from BPC’s global payment processing centre powered by its SmartVista range of digital banking solutions. This will enable TONIK to route transactions and provide a secure environment for its customers while gaining in speed to market and performance.

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Keywords: TONIK, digital bank, Philippines, payments, BPC
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Philippines
This article is part of category

Banking & Fintech