Tonik, the transformative digital bank, aims to revolutionize how money works in Southeast Asia. The first-of-its-kind digital bank in the Philippines is licensed and regulated by the Bangko Sentral ng Pilipinas. Tonik’s primary focus is to reach out to the unbanked and underbanked Filipino population and provide them with a better choice – a digital-only bank with simple, secure, and straightforward processes.
The Philippines has an unsecured consumer lending opportunity of around US $100 Billion, with over half of the consumer base (with existing bank accounts) ready to switch to pure-play digital banking. Tonik is filling the void by providing Filipinos access to a diverse range of debit and credit products, launched within 18 months.
Apart from reaching out to the underserved population, Tonik Bank also drives innovation within its debit and credit portfolio. With Stashes (similar to ‘paluwagan’), or savings vaults offering higher interest rates of up to 4.5% per annum, Tonik Bank was the first to provide a 6% interest rate on the Time Deposit account.
Tonik Bank’s credit portfolio comprises Quick Loan, Flex Loan, Shop Installment Loan, and Big Loan, on top of cash and equity loans. While Quick and Flex Loan provides easy access to extra cash at low-interest rates, Shop Installment Loan allows consumers to convert payments into monthly amortizations. In the meantime, Big Loan from Tonik Bank is a secured and collateral loan product enabling the borrower to get up to Php 5,000,000.00 payable up to 60 months.
“The rapid digitalization in the Philippines recently has made consumers and brands rethink how they engage with each other, banking being no exception. Powered by innovation and the desire to improve the financial outcomes of fellow (unbanked and underbanked) Filipinos, the digital bank is creating user-friendly and safe platforms for customers. We at MoEngage are delighted to be a part of Tonik Bank’s novel journey. We look forward to providing the right customer insights, driving higher reach and meaningful engagement through hyper-personalized experiences,” said Saurabh Madan, General Manager, Southeast Asia, ANZ and Japan, MoEngage, while discussing the partnership.
Tonik Bank aims to use MoEngage’s insights-led engagement platform to orchestrate omnichannel communication and optimize consumer reach. The digital bank wants to drive better engagement with (and selling off) financial products and educate customers, ultimately improving financial literacy.
“To successfully achieve our goal of revolutionizing how money works in the Philippines, we have onboarded MoEngage. The AI-powered engagement platform will help us efficiently connect with our customers and learn more about them by identifying their actions (within the website or the app) using behavioral funnels and user path analysis and, accordingly, hyper-personalize communication and engagement efforts,” said Long Pineda, President of Tonik Bank.