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A tonik for Philippines’ underserved banking market

Southeast Asia’s first neobank, tonik, wants to capture Filipinos who are underserved and ignored by traditional banks. But it seems to be staying away from the rural unbanked

Jum Balea, 13 Jul 2020

Companies are rushing for digital banking licences in Singapore, but the Philippines’ underdeveloped market is where the bigger opportunity lies

Tonik will go live in the Philippines this quarter, offering retail banking services via a mobile app

There’s competition form the likes of Malaysia’s CIMB and the Netherlands’ ING, but tonik won’t have the bureaucratic baggage of traditional banks

Yet, even as 77% of the Philippine adult population are unbanked, tonik seems to be targeting only those residing in urban areas

From ride-hailing company Grab to gaming and e-commerce juggernaut Sea, Southeast Asia’s tech companies have rushed to apply for digital banking licences in Singapore Singapore The Ken Fool’s gold? Singapore’s digital banking licence rush Read more . But it’s in the Philippines, sometimes overlooked by startups and investors, where the region’s first neobank has set up shop.

Tonik will go live in the Philippines before October, offering retail banking services via a mobile app.

AUTHOR

Jum Balea

Jum is a Manila-based reporter for The Ken, where she covers startups and business across Southeast Asia, with a focus on the Philippines. She previously was editor for Tech In Asia, and business editor for Philippine media companies Rappler and ABS-CBN.

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