Tonik, Philippines’ first neobank to secure digital bank license

Tonik, the Philippines’ first digital-only neobank continues to make waves in the local FinTech and banking industry as it secures a digital bank license from the Bangko Sentral ng Pilipinas (BSP) – the first for any private and purely digital bank in the country.

The development comes after the neobank’s public launch in March 2021, which saw it secure over US$20M in retail deposits in under 1 month – a historic record for any new bank launching in the Philippines. Most recently, Tonik has also bagged its Pre-Series B funding, solidifying its position as one of the highest funded FinTechs in Southeast Asia.

Read more: IBS Intelligence