A recent term emerged from the ever-growing financial technology (fintech) landscape in the Philippines — Neobank.
We’re already familiar with fintech concepts like e-wallets and e-commerce. But what is neobank? It seems a fancy word for an online bank or digital bank but it’s actually an Internet-only bank.
While traditional banks have their own digital platforms, they still have physical presence. Neobanks, meanwhile, rooted in software, algorithms, and digital money functions like any other bank out there but without a physical establishment.
Filipinos who have no bank accounts are left disoriented with the frustrating limitations in traditional banking as it couldn’t keep up with the demands amid the ongoing pandemic.
Digital payments eventually became part of the new normal. E-wallets, like GCash, became a financial alternative and essential platform for Filipinos.
But soon enough, consumers will enjoy banking that is highly efficient, time-saving, customer-friendly, all the while purely online. That’s where tonik comes into the picture, the first neobank that will soon kick off in the Philippines.
tonik has been preparing its commercial launch and establishing partners, with it’s recent alliance with CredoLab, Southeast Asia’s leading alternative credit-scoring firm.
Through this partnership, tonik guarantees a seamless experience in loan issuance and applications by embedding CredoLab’s mobile AI-based SDK into the bank’s platform, allowing credit scores to be sent to the neobank in real-time. It provides a faster and safer process in loan applications to Filipino customers centralized in tonik’s mobile app.
tonik recently got its license from Bangko Sentral ng Pilipinas last December, allowing the company to provide retail banking services focused on retail deposits and consumer loans.
tonik’s mobile banking platform will set off in the Philippine market by the first quarter of 2021, promising an innovative take on local banking.
If you want to learn more about tonik’s story and follow its progress, you can visit its official website (https://tonikbank.com/).