Tagged: Philippines

Digital Bank Tonik, which Plans to Launch in the Philippines, chooses Mastercard as Payments Partner

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…. Read More

Central Bank in the Philippines is Working on Digital Banking Guidelines including Minimal Capital Requirements

The BSP (Bangko Sentral ng Pilipinas), the central bank of the Philippines, is working on a new set of guidelines for digital banks that plan on establishing operations in the country. The BSP confirmed that foreign individuals or business entities will be able to own… Read More

Naveen Surya, Chairman at Fintech Convergence Council, Wants Indian Businesses to Identify Key Opportunities and Challenges Created Due to COVID-19

Naveen Surya, Chairman, Fintech Convergence Council & Chairman Emeritus, Payments Council of India, has noted that it’s important to understand the key challenges and opportunities created by the global COVID-19 outbreak. Surya added that we must identify opportunities across the Banking, Financial Services, and Insurance… Read More

Manila in the Philippines Ranked Among Top Global Startup Ecosystems, with Fintech and Digital Commerce Leading the Way: Report

Manila has been ranked among the top 40 emerging startup ecosystems in the world, according to a new report. While neighboring Southeast Asian countries such as Malaysia and Indonesia are higher up on the list, the Philippines has seen steady growth and development in its… Read More

Open Banking and Regtech Firm Railsbank Gains Hong Kong Fintech Statrys as New Client

UK-based Railsbank, an Open Banking and Regtech solution provider, revealed on June 29, 2020, that it has gained Hong Kong Fintech Statrys as a new client. Statrys offers digital business accounts, advanced payment options, and forex solutions for SMEs based in Asia. It provides convenient… Read More

Robocash Initiates Pre-IPO Funding Round to Help Launch a Digital Bank in the Philippines, Also Preparing for $100 Million IPO in December 2020

The Robocash Group, a multinational financial group that offers consumer alternative lending and marketplace funding in European and Asian markets, has reportedly initiated a pre-IPO funding round to help finance the planned launch of its digital bank in the Philippines. Founded in 2013 in Russia… Read More

Digital Banking Platform Tonik Acquires $21 Million in Capital for Q3 2020 Launch in the Philippines

Tonik Financial Pte Ltd, a company planning to launch a digital bank in the Philippines, has reportedly secured $21 million in capital through a Series A equity funding round.  The round was led by major blue-chip venture capital investors, including Sequoia India and Point72 Ventures…. Read More

Philippines based Digital Financial Services Firm Ayannah Merges with Indian Payments Company Equity Capital Advisors

Philippines based Ayannah, an online financial services provider, and India’s payments firm Equity Capital Advisors (ECAPS) have merged their operations in order to provide cost-effective and more accessible financial services to South Asia and Southeast Asia’s growing middle-class population. The merged entity will aim to… Read More

Another Digital Bank to Launch in the Philippines, as Government Aims to Offer Virtual Banking Services to Filipinos Working Abroad

An increasing number of transactions are being conducted online by the residents of the Philippines due to COVID-19. The nation’s government has confirmed that it will launch a branchless bank that will offer services to Filipinos working and living abroad. The digital bank will also… Read More

Digital Banking: The EastWest Bank in the Philippines to Launch Online-Only Komo Banking Solution

East-West Banking Corporation (EastWest) (PSE: EW), the eleventh largest bank in the Philippines with over $6 billion in assets, has introduced its own fully-digital bank, Komo. The company claims that it’s the first universal banking group in the country to establish its own all-digital bank,… Read More

Singapore-based Online Security Firm V-Key Chosen as TONIK Digital Bank’s Official Mobile Security Partner

Singapore-based digital security firm V-Key announced on May 5, 2020, that it will be the official mobile security partner of TONIK Bank, which is an all-digital bank that is expected to launch in the Philippines later this year. V-Key will aim to offer a secure… Read More

Fintech Firm GoBear Acquires AsiaKredit, a Singapore-based Online Lending Platform

Fintech firm GoBear, which offers a financial products comparison website, confirmed on May 4, 2020, that it has acquired AsiaKredit, a Singapore-based digital lender. The amount paid for the acquisition has not been shared publicly. GoBear’s acquisition has come after the Fintech company secured $80… Read More

Philippine National Bank Aims to Offer Digital Banking and Contactless Payments Services to Prevent Further Spread of COVID-19

  Governments throughout the world have been asking people to stay at home, as the world struggles to cope with the highly contagious Coronavirus. Countries across the globe have enforced nationwide lockdowns in order to prevent the further spread of COVID-19. Many people are now… Read More

Digital Banks: Over 10 Million Filipino Adults are Using Online-Only Banks, Consumers in Other Areas Increasingly Using Neobanks

Digital banks or neobanks have now been around for several years. There are many challenger banks that aim to compete with and provide better financial services than traditional banks and institutions. Conducting transactions online has become more popular due to the deadly Coronavirus (COVID-19) outbreak…. Read More

Mobile Biometric Authentication Firm Daon to Offer Digital Identity Verification Solutions to TONIK Digital Bank

Fairfax, Virginia-based Daon announced that it will be offering essential mobile onboarding and identity verification solutions to TONIK Digital Bank, which is an all-digital bank that is expected to launch in the Philippines later this year. TONIK Bank will reportedly be using Daon’s cloud-powered IdentityX… Read More

Update: The Philippines is Preparing to Welcome its First All-Digital Bank, Tonik Financial

The Philippines, an Asian country with a GDP of over $300 billion and a population of more than 100 million, is preparing to welcome its first all-digital bank, Tonik Financial, which was established in Singapore in 2018. Tonik has acquired a banking license from the… Read More

Wirecard Teams Up with Union Bank in the Philippines to Improve Digital Banking Services for Corporate Clents

Germany-based Wirecard, a global internet technology firm and financial services provider, is teaming up with Union Bank in the Philippines in order to enhance the efficiency and the convenience of its banking services for corporate clients in the country. A memorandum of understanding (MoU) was… Read More

Singapore-based Digital Bank Tonik Acquires $6 Million in Funding As it Plans to Introduce Services in the Philippines

Singapore-based neobank Tonik Financial Pte. Ltd. has acquired $6 million in funding as it plans to officially introduce its services in the Philippines during the third quarter of this year. Tonik has received seed funding from Fintech venture developer Forum. The digital bank has also… Read More

Nasdaq-listed NICE Actimize Chosen by Asian Digital Bank TONIK to Develop Anti-Money Laundering Solutions and Create Secure Banking Environments

NICE Actimize, a NICE company (Nasdaq: NICE) business offering autonomous financial crime management solutions, has reportedly been chosen by TONIK, an Asian pure-play regulated digital bank, to develop its Essentials anti-money laundering platforms and also to assist in the creation of secure banking environments for… Read More

ASEAN Exchanges, including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam to Use Refinitiv’s Digital Solutions

ASEAN Exchanges, a group which consists of six major exchanges based in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, have reportedly chosen to integrate Refinitiv’s digital solutions onto their online platform. The solution offers critical data and insights to institutional and retail clients, and assists… Read More

Send this to a friend