Tonik launched as First Neobank in the Philippines

Tonik, Southeast Asia’s first digital-only bank, launched as the first neobank in the Philippines. Tonik brings to the market a revolutionary and branchless way of banking based on a highly secure mobile platform that sets out to fundamentally disrupt the Filipino retail banking industry. It is supervised by the Bangko Sentral ng Pilipinas (BSP) and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). The neobank's unique cloud-based solution is powered by global financial technology leaders Mastercard, Finastra, and Amazon Web Services.

Tonik launched as First Neobank in the Philippines

Tonik enables its customers to “Save Big and Dream Bigger” with industry-leading deposit interest rates of up to 6% per annum. To make saving more relevant, fun, and social, Tonik offers unique Stash and Group Stash features, as well as traditional Term Deposits.

The customers can open fully functional banking account in under 5 minutes, using only the Tonik App, an ID, and a selfie. Tonik account can be easily topped up in many convenient ways, including interbank, debit card, or in cash at close to 10,000 retail agents across the country. Immediately upon onboarding, the customer is issued a virtual Debit Mastercard that can be used at a variety of e-merchants. The product offer will soon be expanded to include a physical debit card or take out an all-digital consumer loan.

“We started Tonik because we were fed up with how traditional banks mistreat their customers. The fact that 70% of the Filipinos remain unbanked shows that the tedious onboarding process of traditional banks and their ridiculously low interest rates do nothing to satisfy the needs of the consumers. We believe that banking should be easy, fun, and – like most services these days – right there, in the palm of your hand. We are using world-class technology to dramatically cut operating costs, which allows us to offer game-changing interest rates and not to charge unfair fees to our customers,” explains Tonik Founder & CEO Greg Krasnov.

“Sadly, traditional banks have completely forgotten how to listen to their customer. So, we are on a quest to become the first bank brand in the Philippines with a sense of humor and an actual personality that consumers can relate to. Our mission is to trigger a wave of #NeoBankingRomance in the Philippines. We expect our proposition for the #NeoNormal to resonate particularly strongly with the ‘digital natives’ in the Philippines, who constitute most of the population,” says Long Pineda, President of Tonik Digital Bank, Inc, Tonik’s regulated bank subsidiary in the Philippines.

Although aiming for a friendly and humorous personality, one of the things Tonik takes very seriously is the security of the client’s funds and transactions on its systems. Tonik is the first bank in the Philippines certified as compliant with PCIDSS, the global “gold standard” in payment card security. Tonik’s systems are also certified by CISA, the top authority in global IT security audits. Client’s access is protected by the highest level of safety through server-based biometrics, while all passwords and OTPs are subject to military-grade encryption.

How to register and log-in to Tonic?

Requirements, Qualifications:

  • Any Filipino who is at least 18 years old, residing in the Philippines, and has a valid Philippine mobile number, email address, and not a person subject to United States’ FATCA is qualified to have an account.

  • For iPhone users, the minimum supported software system is iOS 10.0.0, while for Android users, it is Android OS 5.0.0. Your phone needs to have a front-facing camera. It is also recommended that your phone has at least 3GB of RAM.

To register:

  1. Download Tonik app from the App Store or Google Playstore.
  2. After installing the app, enter your mobile number.
  3. Read and agree to comply by Tonik’s Terms & Conditions and Data Privacy Statement.
  4. Input OTP sent to your number entered in step 2.
  5. Do a selfie registration.
  6. Select ID type or choose to do this later, and go step 8.
  7. If you select your ID type, upload a picture of your ID and confirm your ID particulars.
  8. Enter your personal particular.
  9. Enter your employment status.
  10. Enter your email and mother’s full maiden name.
  11. Provide your signature by signing on-screen.
  12. Create your application password.

If you do not upload your ID during your registration process, your account will have 12 months validity with maximum balance of P50,000. You can increase your balance limit and remove the validity requirement when you upload your ID after registration. Accepted IDs are Philippine passport, Philippine Driver’s License, Unified Multipurpose ID (UMID), Social Security System (SSS), Professional Identification Card (PRC ID), and Firearms ID.

Learn more about Tonik and what it offers via

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