Tonik, the very first all-digital banking platform in the Philippines, has reportedly chosen Mastercard as its payments partner as the company gets ready to officially launch its operations later this year.
Through the partnership, Mastercard will be supporting Tonik by acting as its Fintech accelerator. The payments giant will provide its suite of digital payments products to the neobank.
Tonik will participate in Mastercard’s Fintech Express program, which will allow the bank gain access to various digital-first payment solutions, while receiving guidance from a team of experienced financial industry professionals.
These virtual payment products will work alongside Mastercard’s global payment network, and will be used by Tonik when it has launched.
Rama Sridhar, EVP of digital & emerging partnerships at Mastercard Asia Pacific (APAC), stated:
“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 management notes that they’re focused on enabling digital financial inclusion and providing improved access to modern financial services for unserved and underserved consumers.
Tonik, which recently acquired a banking license, says it plans to introduce several different banking services including standard debit cards, transactional savings accounts, savings and term deposit accounts, and consumer loans during Q3 2020. Tonik said that its debit Mastercard should be available toward the end of 2020.
Greg Krasnov, CEO and founder at Tonik, remarked:
“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.”
Tonik said that its planning to introduce many other services next year, including credit cards, loans, and various money transfer options.
In May 2020, Tonik chose Singapore-based online security firm V-Key as its official mobile security partner.
In February 2020, Tonik acquired $6 million in capital in order to fund its business operations as it prepares to launch in the Philippines.