Neo-banking startup Tonik is to open a digital-only bank in the Philippines after securing a banking licence from the country's central bank.
Seeded and built by fintech venture builder Forum, Tonik intends to launch in the coming months with an initial focus on retail deposits and consumer loans.
Tonik believes that the banking sector in the Philippines, where over 70% of the adult population remains unbanked, is ripe for digital disruption.
With support and R&D functions based in Singapore and Chennai, India, Tonik is led by a team who have previously built and scaled multiple digital and retail banks and fintechs across global emerging markets.
Greg Krasnov, founder & CEO of Tonik, says: “Digital-only banks globally have successfully demonstrated their ability to take massive market share by launching hyper-compelling consumer propositions, while also operating at disruptively low unit costs. We believe that the regulator’s confidence in us serves as the testament to the unique strength and track record of our team and the attractiveness of our product philosophy.”