Tonik Bank expands reach, brings Digital Banking to Cebu
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Tonik Bank, the Philippines’ leading digital bank, has officially launched its operations in Cebu City, bringing its innovative financial products and services closer to more Filipinos.
Cebu gets a taste of the Tonik experience for convenient digital banking, financial innovation
This expansion marks a significant milestone for Tonik, as it reinforces its commitment to financial inclusion and providing accessible banking solutions across the country. Cebu residents can now enjoy the same convenient and secure banking experience that has made Tonik a popular choice for millions of Filipinos.
With this launch, Cebuanos gain access to Tonik’s full suite of financial offerings, including high-interest savings accounts, quick and easy loans, convenient bill payments, and a seamless mobile banking experience. Notably, the highly anticipated Shop Installment Loan, previously exclusive to Luzon retailers, is now available to Cebu residents, allowing them to purchase their desired appliances and gadgets with flexible and the lowest1 monthly payment terms.
Greg Krasnov, Founder and President of Tonik, expressed enthusiasm about the Cebu expansion. “Our goal has always been to democratize banking and provide innovative solutions that cater to the everyday needs of Filipinos,” Krasnov said. “With the rollout of the Shop Installment Loan in this beautiful region, we believe we are taking a significant step towards achieving that goal.”
Tonik is rapidly growing its network of partner retailers to offer the Shop Installment Loan to even more Cebuanos. The bank aims to expand its reach across the city and province in the coming months.
As a customer-centric digital bank, Tonik is dedicated to providing exceptional service and support to its customers. With its entry into Cebu, the bank is poised to revolutionize the way people bank in the region and contribute to the city’s economic growth.
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About Tonik
Tonik 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 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.