The Philippines’ First Neobank Tonik Digital Bank is pleased to announce the launch of its Shop Installment Loan to FC Home Center stores.
The partnership pushes to “enhance the shopping experience of customers in the consumer durables market.”
Customers will now have “access to 15-minute loan approvals and hassle-free and flexible financing in the Tonik app, ultimately fast-tracking processes and eliminating lengthy traditional loan application procedures.”
In addition, Tonik also claims that it provides “the lowest monthly installments currently available in the market, giving customers access to the better financing options and empowering them to make purchases with the lightest monthly installments.”
This is an edge that Tonik reportedly “has in their thrust to enable more Filipinos to pursue their aspirations without steep costs.”
Greg Krasnov, Founder of Tonik Digital Bank, said:
“Tonik’s vision is to drive financial inclusion and we commit to deliver that by providing innovative and accessible products to a wide range of customers. The partnership with FC Home Center aligns with this commitment and creates a win-win situation for us and our customers.”
FC Home Center says that it is “a trusted retailer of home appliances, electronics, and home effects offering a variety of popular and alternative brands across its network of stores.”
From its humble beginnings, the brand has grown “to become a key player in the industry.”
With the collaboration with Tonik, FC Home Center is “extending better financing options to its customers.”
Ms. Babe Daanug, Chairman of FC Home Center, said:
“We believe that this partnership [with Tonik] will be beneficial to our customers, and at FC [Home Center], that is really what we want, for our customers to have a good life.”
The partnership is a significant move “for the consumer financing industry, as it emphasizes technology’s strength to seamlessly improve customer experience through innovative digital banking products.”
As noted in the update, Tonik claims it is “the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform.”
The neobank operates based “on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).”
Tonik is led by “a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets.”
It is reportedly “backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank.”
Tonik’s tech stack is integrated in partnership “with banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon.”
Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.