Digital Bank Tonik selects Mastercard as payments partner to launch in the Philippines

Monday 13 July 2020 10:42 CET | News

Tonik, a digital banking platform in the Philippines, has reportedly chosen Mastercard as its payments partner as the company gets ready to officially launch its operations later in 2020.

The digital bank will participate in Mastercard’s Fintech Express program, which will allow the bank gain access to various digital-first payment solutions, while receiving guidance from a team of experienced financial industry professionals.

The bank has recently acquired a banking license and aims to roll out several different banking services including standard debit cards, transactional savings accounts, savings and term deposit accounts, and consumer loans during Q3 2020. In 2021, Tonik plans to introduce other services such as credit cards, loans, and various money transfer options.

In February 2020, Tonik acquired USD 6 million in capital to fund its business operations as it prepares to launch in the Philippines, while in May 2020, it chose Singapore-based online security firm V-Key as its official mobile security partner.

All in all, Tonik aims to support digital financial inclusion and providing access to modern financial services for unserved and underserved consumers.
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Keywords: digital bank, Tonik, Mastercard, financial inclusion, Fintech Express, credit cards, loans, money transfer, payments partner
Categories: Banking & Fintech | Payments General
Countries: Philippines
This article is part of category

Banking & Fintech