Digital bank Tonik records retail deposits at ₧1 billion

TONIK Digital Bank Inc. announced it has secured more than P1 billion 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.”

The new digital-only bank, upon its launch in March, announced their primary offer of a high-interest savings account to Filipino consumers. As of this writing, deposit interest rates with Tonik can reach 6 percent per annum depending on the type of savings account.

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.

He added more interbank transfer services via PESONet will be available with more banks in the coming weeks.

“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.

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