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Digital-only bank Tonik records P5B worth of consumer deposits

Tonik Digital Bank Inc. on Thursday said it has secured over P5 billion or around $100 million in consumer deposits only about eight months after its launch in the Philippines.

Launched by Singapore-based Tonik Financial Pte. Ltd. in March, Tonik Digital Bank is the country’s first recipient of a digital-only banking license from the Bangko Sentral ng Pilipinas (BSP).

In a statement, Tonik Digital Bank said its consumer deposit feat was supported by its unique, accessible, flexible, and inclusive products, including industry-leading deposit interest rates of up to 6% per annum for time deposits, and unique saving features such as its “Solo Stash” and “Group Stash” products that can earn up to 4% and 4.5% per annum, respectively.

The bank, likewise, said it secured P1 billion or about $20 million in consumer deposits in April, a month after its launch.

“We built Tonik to accelerate financial inclusion to more Filipinos, who deserve to have the fully-digital ease and convenience in their banking experience,” said Greg Krasnov, Tonik CEO and founder.

“We are very grateful that we’re now closer to reaching this goal with the overwhelming support that we are receiving from our customers. To make this holiday season sweeter, and further accelerate on customer acquisition, we are launching welcome bonus and referral programs that will enable our customers to earn upon joining or by inviting their friends to start a neobanking romance with us,” said Krasnov.

Tonik Digital Bank said it recently launched its first lending product called “Quick Loan” – an all-digital loan product designed to serve the unbanked and underbanked Filipino middle class with a quick and affordable bank loan proposition in under 15 minutes.

In a statement, Tonik Bank said its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).

It also employs cloud-based solutions powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services.—AOL, GMA News