The Philippines’ “Pioneering” Digital Bank Tonik continues to take strides in furthering its Shop Installment Loan through its partnership with trusted retailer, Home Along.
Since the onset of 2022, Tonik’s Shop Installment Loan “has been accessible across 70% of Home Along retail outlets, a strategic initiative that has served as bank’s springboard into in-store consumer financing.”
With Tonik gearing towards full-scale mode, the partnership has “proven to be beneficial in bringing the bank closer to its vision of achieving financial inclusivity to the underserved segments.”
Greg Krasnov, Founder of Tonik Bank, said:
“Our collaboration with Home Along has proven mutually advantageous, enhancing not only our operational success but also catering to customers in search of enhanced financing alternatives within the market.”
To date, Tonik Digital Bank has “facilitated thousands of loans across Home Along’s extensive retail network in Luzon.” The accomplishment underscores “the bank’s unwavering commitment to enriching in-store financing choices, characterized by affordable monthly installments, minimal requirements, and a swift 15-minute approval process all in one app.”
Further, Tonik has always “been grateful for the trust that Home Along gave to the bank specifically during its pilot stages.”
Reflecting on the synergy between the two entities, Mr. Alvin Tsoi, Owner of Home Along remarked:
“Being able to support Tonik in its thrust of bringing the best customer experience to customers through better financing options perfectly aligns with our mission.”
Tsoi adds:
“Our collaboration stands as a testament to our shared dedication to world-class customer care, and we look forward to nurturing and expanding this partnership in the years ahead.”
Tonik and Home Along is looking forward “to solidifying their partnership by closing 2023 with 100% store coverage.”
As covered, Tonik claims that 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 various banktech vendors “including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon.”
Tonik operates out of hubs that are based “in Singapore (HQ), Manila, and Chennai.”