Philippines’ Digital Bank tonik Announces Partnership With Mastercardby Fintech News Philippines July 9, 2020
Fresh off raising their US$ 21 Million Series A round, tonik announced today a partnership with Mastercard, which will allow its users access to Mastercard’s global network. This will enable its users to make payments anywhere with any merchants who accept Mastercard.
tonik said that it is looking at launching a full range of banking services which includes — traditional savings account with a debit card, savings, and term deposit accounts with “attractive interest rates” and a range of consumer loans by Q3 2020.
“We want to empower the underserved and unserved Filipinos by giving them simple, accessible, and fast digital banking experiences. We want our customers to easily gain familiarity with transacting and banking digitally in order to help them harness the full potential of the rapidly changing digital economy.
Our partnership with Mastercard is about injecting more speed, scale, and performance into all facets of our business. Having immediate access to Mastercard’s global payment network, safety & security technology, data and analytics services, AI technology, and cybersecurity capabilities will be essential to tonik’s growth and success in today’s digital-first reality,”
said Greg Krasnov, CEO & Founder, tonik.
According to the 2017 Financial Inclusion Survey by Bangko Sentral ng Pilipinas (BSP), over 70% of the country’s population is unbanked. Currently, internet penetration in the Philippines is at 67% and one third of the population are millennials —many of whom are digital natives.
Orchestrating this partnership is Mastercard Fintech Express, a tailored program which provides fintechs such as tonik with increased speed-to-market, access to a suite of digital-first products, and a cross functional team of experts to be able to successfully build their offerings.
In Singapore, Rapyd was the first fintech company to join Mastercard’s Fintech Express programme.
“The entire payments ecosystem thrives when fintechs have access to the technology they need to reach scale and make finances widely accessible. tonik exemplifies an agile and innovative fintech whose ambition of driving financial inclusion in the Philippines through digital-first products and seamless consumer experiences is closely aligned with Mastercard’s mission to connect and power an inclusive, digital economy that benefits everyone.
tonik’s ability to secure a bank license as a startup is nothing short of exceptional and Mastercard is delighted to partner with them to enhance the Philippines’ digital banking space and to boost the nation’s financial inclusion journey,”
said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.