First Philippines neobank secures digital banking licence

Tonik has become the first among all private and purely digital banks to obtain a digital banking licence from the central bank.

Already the first digital-only neobank in the Philippines, Tonik has notched up another first in the local fintech and banking sector receiving a digital bank licence from the Bangko Sentral ng Pilipinas BSP.

This follows the neobank's public launch in March 2021, which saw it acquire the equivalent of around $20 million in retail deposits in under a month.

Most recently, Tonik secured its pre-series B funding to become one of the highest funded fintechs in South-east Asia, it said in a statement.

The digital banking licence will enable Tonik to accelerate the roll-out of additional lending and payment products, said Greg Krasnov,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222