We’re at a time when technology has allowed the banking industry to go more digital. The COVID-19 pandemic has also emphasized the need to digitalize bank transactions. There are traditional banks in the countries that are starting to rebrand themselves as digital banks. One bank claims to be the first neobank the country – Tonik Digital Bank Philippines. More importantly, it is a subsidiary of Tonik Financial Pte Ltd.
If you’re curious about digital banks and want to explore what they have to offer, Nicole Alba did a couple of vlogs on them. The most recent one is a vlog on Tonik, which is purely an online bank. We’ve also made a quick list here of what you have to know about this neobank.
Things Filipinos Need to Know About Tonik Digital Bank Philippines
- Bangko Sentral ng Pilipinas regulates Tonik Digital Bank Philippines. It’s PDIC insured up to Php500,000 for each depositor.
- The founder and CEO of Tonik are Greg Krasnov, who is a serial fintech entrepreneur. Tonik is a Singapore-based company.
- The four products Tonik Digital Bank Philippines currently has are the account, stash, time deposit, and virtual card. A Tonik account is a virtual wallet with an interest rate of 1% per year. If you have an account, you can open a solo stash with an interest rate of 4%. There’s also a group stash, which has an interest rate of 4.5% per year. Depositors can open up to five solo and group stashes.
The time deposit has a 6% interest rate per year. The virtual card that comes for free works like a debit card that account owners can use for online shopping and payments. What’s more, it’s stated on the app that loans are coming soon.
- Money transfers to other banks and other Tonik accounts are free. There’s no minimum balance, no minimum deposits, no dormancy fees, and no account closure fees.
- Finally, to open an account in Tonik Digital Bank Philippines, you have to be 18 years old. Getting an account is done through the app only. Check this video out to learn the step-by-step onboarding process. Also, depositors can join the Tonik Bank Users Facebook group, where bank representatives and even the CEO respond to clients’ concerns.
Understandably, there are doubts about cybersecurity, but the future of banking is digital. Should you want to know more about digital banks and how they differ from traditional banks, you can watch this vlog of Fitz Villafuerte on his Ready to be Rich YouTube channel.