TONIK Financial’s subsidiary TONIK Digital Bank is all set to launch the first digital-only bank in the Philippines.

The bank has secured a banking licence from the country’s central bank Bangko Sentral ng Pilipinas.

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In a statement, the bank stated that it will allow TONIK to provide a full range of retail banking services, focused primarily on retail deposits and consumer loans, through its digital-only platform.

The bank intends to launch the digital platform in the coming months.

TONIK founder & CEO Greg Krasnov said: “Digital-only banks globally have successfully demonstrated their ability to take massive market share by launching hyper-compelling consumer propositions, while also operating at disruptively low unit costs.

“We believe that the regulator’s confidence in us serves as the testament to the unique strength and track record of our team and the attractiveness of our product philosophy.”

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TONIK further stated that the Philippines is home to a $140bn retail deposits market and a $100bn unsecured consumer lending market, while 70% of the population remains unbanked.

Bangko Sentral ng Pilipinas financial supervision sector deputy governor Chuchi Fonacier said: “We have always welcomed players who offer reliable and inclusive financial services through innovative solutions.

“Thus, it is with great optimism that we welcome TONIK Bank in the Philippines and we look forward to exciting digitally-centered products and services and committed efficiencies that will benefit every Filipino.”