TONIK Digital Bank Inc. announced it has secured more than 1bn Pesos (US$20M) in retail deposits only about a month after its launch in March this year.
“The response we got when we introduced the app last month was overwhelmingly positive,” Tonik CEO and Founder Greg Krasnov said. “It’s a testament to the fact that Filipinos are thirsty for a financial enabler that cuts the red tape, makes banking less complicated and lets their hard-earned money work better for their future.”
Following this development, the bank announced that it has tied up with the Philippine Electronic Fund Transfer System and Operations Network (PesoNet) to enable its customers to transfer funds to and from other banks.
“Tonik users are now able to transfer funds from a PESONet participating bank to their accounts,” the bank said in a statement. The bank said the service is initially available via several banks, with other PESONet member banks expected to add the service in the coming months.
Krasnov said allowing easier and bigger bank transfers is one of several features that they will be introducing in their app such as new loan offers and new payment options.
“By making in-demand banking transactions such as interbank transfers safer and more seamless with PESONet, we hope to encourage more Filipinos to manage and maximize their finances with Tonik in the ‘neo normal,’” Krasnov said.
Tonik was also recently awarded the Best new Digital Bank Philippines 2021 and the Best Fintech Bank Philippines 2021 by World Economic Magazine. Krasnov was also recently named Director of the Year at the Asia Fintech Awards 2021.