Tonik Digital Bank Inc. (TDB), the digital bank in the Philippines, announced a significant leadership transition. Long Pineda, President of TDB, will be retiring from her executive role and will “assume the position of non-executive Chairman of the Board of Directors of TDB.”
In her tenure as President, Ms. Pineda has “been instrumental in securing Tonik’s position as the first digital bank in the Philippines, marking a milestone in the nation’s banking history.”
Her contributions have been “pivotal in growing the business and establishing Tonik as a leader in digital banking innovation.”
Greg Krasnov, Founder and CEO of Tonik Group, who previously held the position of Chairman at TDB, will be “stepping into the role of President of the TDB subsidiary.”
Krasnov said:
“Long Pineda, who came out of retirement to start Tonik with us, has been fundamental in navigating Tonik through the complex regulatory environment and securing the first digital bank license in the Philippines. Her dedication and expertise have laid a strong foundation for Tonik’s growth. Having now stabilized TDB, Long can return to her well-deserved retirement.”
He added:
“As we move forward, we remain committed to our mission of revolutionizing banking in the Philippines. I am excited to build on this incredible legacy and lead TDB into its next chapter of innovation and customer-centric financial solutions.”
This transition reflects Tonik’s commitment “to continuity and strategic growth.”
Ms. Pineda’s move to the non-executive Chairman role will “ensure that her vast experience and insights continue to guide Tonik in its journey to redefine banking in the Philippines.”
As noted in the update, 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 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.”