TONIK Launches Digital Bank in Philippines Powered by Finastra
TONIK, recognized as Southeast Asia's first pure-play licensed digital bank, announced the launch of its core banking platform powered by Finastra on September 23, 2020. The digital bank targets the Philippines, where approximately 70% of the population remains unbanked, representing a massive addressable market for digital financial services. Finastra provides the underlying core banking infrastructure enabling TONIK to deliver fully digital banking services without legacy branch networks.
TONIK has set an ambitious target of acquiring over one million customers within its first five years of operation. The partnership exemplifies the BaaS model where a technology provider enables a new entrant to rapidly deploy banking services. Finastra simultaneously announced similar partnerships with Yoma Bank in Myanmar for the country's first online account opening system and IFIC Bank in Bangladesh targeting 100,000 unbanked customers.
These deployments collectively highlight Finastra's strategy of powering digital-first banks across underbanked APAC markets.
- Demonstrates BaaS infrastructure enabling challenger banks to rapidly enter underbanked APAC markets
- Signals growing demand for core-banking-as-a-service from digital bank licensees in emerging economies