Fairfax, Virginia-based Daon announced that it will be offering essential mobile onboarding and identity verification solutions to TONIK Digital Bank, which is an all-digital bank that is expected to launch in the Philippines later this year.
TONIK Bank will reportedly be using Daon’s cloud-powered IdentityX identity services to help it onboard new clients.
IdentityX has been developed according to the latest FIDO standards. It can verify the identities of users with various technologies which include face, voice, and fingerprint biometrics. The IdentityX solution complies with the updated anti-money laundering (AML) and know your customer (KYC) guidelines.
TONIK has received a notice of approval from the central bank of the Philippines. The approval will allow TONIK to offer digital banking services in the Southeast Asian country. The neobank is now authorized to provide a full range of retail banking services to individuals and local companies.
TONIK says it will focus on offering consumer loans and retail deposits. It also plans to cater to the country’s younger consumers while promoting greater financial inclusion.
Greg Krasnov, founder and CEO at TONIK, stated:
“In the Philippines, with its young and digitally native population, digital banking will soon become an industry norm,”
Krasnov added:
“For Filipinos that may be underbanked, financial inclusion will happen primarily through the digital channel. Together with Daon, we are happy to be at the forefront of this exciting trend.”
Daon has also teamed up with Union Systems Limited in order to expand the reach and services of the IdentityX platform to clients based in Africa. The company has hired a new VP of emerging markets. The firm also updated IdentityX in July 2019 in order to support internet-based onboarding.