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TONIK gets go-ahead to open Philippines' first digital-only bank

The underbanked country has markets for US$140b in retail deposits and US$100b in unsecured consumer lending

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Mindy Tan

Mindy Tan

Published Thu, Jan 9, 2020 · 09:50 PM

Singapore

THE Philippines will soon have its first digital-only, branchless bank.

TONIK Financial's subsidiary, TONIK Digital Bank, has been granted a new banking licence, which will open the way for it to provide a full range of retail banking services, focused primarily on retail deposits and consumer loans.

Digital bankingPhilippines

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