Tonik, the digital bank in the Philippines, announces the appointment of Mr. Cesar O. Virtusio as a new Independent Director on the Board of its regulated bank subsidiary, Tonik Digital Bank Inc.
Mr. Virtusio, an experienced professional in the Philippine and foreign banking and finance industry, brings to Tonik an extensive career “marked by his recent role as the Managing Director of the Bankers Association of the Philippines (BAP).”
With a career spanning several decades, Mr. Virtusio has been “at the forefront of the banking industry, contributing significantly to its growth and development. Prior to his tenure at the BAP, he served as Adviser to Dresdner Bank and Dresdner Kleinwort, and was the Bank’s Chief Representative in the Philippines. He likewise held management positions in international banks abroad.”
Beyond banking, Mr. Virtusio’s expertise “extends to various sectors – including food, automotive, and insurance – where he held Board and Advisory positions.”
This highlights his versatility and “breadth of knowledge in the financial and other sectors of the economy. ”
As the Managing Director of the BAP, Mr. Virtusio was instrumental in “shaping policies and strategies that bolstered the Philippine banking industry, marking him as a visionary leader and a respected authority in banking and finance.”
Tonik CEO and Founder Greg Krasnov said:
“We are thrilled to welcome Mr. Virtusio to our board as new independent director. His unparalleled expertise and profound insights into the banking industry are invaluable assets that will undoubtedly propel Tonik forward in our mission to revolutionize digital banking in the Philippines. His leadership and vision align perfectly with our commitment to providing innovative financial solutions to our customers.”
Mr. Cesar Virtusio said:
“Joining the Philippines’ first digital bank was a natural choice for me, as I witnessed Tonik’s unwavering commitment to pioneering innovation and prioritizing customer needs in banking. I am confident in Tonik’s potential to redefine the country’s digital banking landscape and I look forward to being part of an organization that delivers innovative financial solutions that empower Filipinos to have a brighter future.”
Mr. Virtusio’s appointment is “a testament to Tonik’s commitment to excellence and its dedication to transforming the digital banking landscape in the Philippines. Under his guidance, the bank is poised to reach new heights, further solidifying its leadership in the digital banking revolution.”
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 on the basis of 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 international investors, “including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.”