Through this partnership, the two companies aim to deliver a selection of secure, convenient, and customer-centric financial solutions. Tonik's ecosystem stands to receive a significant boost following this collaboration, as it will offer customers new channels for their Tonik accounts. Starting this February, Tonik customers can cash in from their BPI, UnionBank and GCash accounts, as well as new cash-in channels from banks such as RCBC and Chinabank.
Over-the-counter channels such as 7-Eleven, Cebuana Lhuillier, M. Lhuillier, SM Payments, plus Palawan Express and LBC, and upcoming cash-in channels from e-wallets such as Maya and GrabPay will become available by March 2024 according to the official press release.
Representatives from Tonik talked about this new collaboration and highlighted the company’s commitment to providing a great digital banking experience. In this context, the partnership stands to help Tonik expand its payment options and improve its ecosystem with the end goal to help Filipinos to take control of their finances with ease and confidence. They also brought up Xendit’s achievements and its successful efforts to become one of the payment gateways in the country and the region. Xendit’s partnership with TendoPay was also mentioned.
Xendit officials highlighted the importance of democratising world-class payment experiences for everyday Filipinos. They believe that people taking out a loan from Tonik should be able to experience the same quality, scalability of services that someone does in the Western markets or anywhere else in the world.
In January 2024, Tonik optimised its Big Loan solution in order to meet the financial needs of SMEs in the region of the Philippines. Following this announcement, Tonik Digital Bank expanded its Big Loan solution, a decision that aimed to cater to a wider range of financial needs, preferences, and demands for small and medium-sized enterprises (SMEs) in the region of the Philippines.
Tonik’s Big Loan was designed to provide entrepreneurs up to P5 million with flexible and secure repayment options, competitive interest rates, as well as a streamlined application procedure that would improve the lending experience of small and medium-sized businesses (SMBs). At the same time, Tonik aimed to provide personalised, end-to-end support through the use of a dedicated team of experts, which are be available to assist borrowers via a secure and fast lending process.
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