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.
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