Tonik Bank and MoEngage bring digital banking to unbanked Filipinos

Tonik Bank is partnering with MoEngage to drive financial inclusion among the unbanked and underbanked in the Philippines.

The revolutionary digital bank aims to transform how money works in Southeast Asia. It plans to accomplish this by bringing simple, secure, and straightforward digital banking procedures to those who currently lack access to financial services.

Tonik Bank is the first digital-only bank in the Philippines, licensed and regulated by the Bangko Sentral ng Pilipinas. It focuses primarily on bridging the financial gap for the unbanked and underbanked Filipino population.

The nation represents a largely untapped consumer lending opportunity of about $100 billion. Tonik Bank is filling the vertical by delivering access to various debit and credit products to Filipinos within 18 months.

Besides its consumer-centric outreach, Tonik Bank has been known for its innovative approach within its debit and credit portfolio. Offering a Savings Vault, known as 'Stashes,' with attractive annual interest rates of up to 4.5%, Tonik Bank was the first to provide a 6% interest rate on the time deposit account. T

The digital bank's credit portfolio boasts an impressive suite of options: Quick Loan, Flex Loan, Shop Installment Loan, and Big Loan, in addition to cash and equity loans.

Banking and consumer engagement schemes in the Philippines have rapidly digitised in recent times. Tonik Bank, fuelled by innovation and an ambition to improve financial outcomes for the Philippines' unbanked and underbanked populations, endeavours to provide safe and user-friendly platforms for its customers.

Saurabh Madan, General Manager, Southeast Asia, ANZ and Japan, MoEngage, expresses enthusiasm at being a part of this noble journey: "We look forward to providing the right customer insights, driving higher reach and meaningful engagement through hyper-personalised experiences."

Tonik Bank is set to employ MoEngage's insights-led engagement platform to optimise consumer reach. The digital bank's intent is to create impactful connections with financial products and improve customer engagement, ultimately aiming to improve financial literacy.

Long Pineda, President of Tonik Bank, says: "The AI-powered engagement platform will help us efficiently connect with our customers and learn more about them by identifying their actions (within the website or the app) and, accordingly, hyper-personalise communication and engagement efforts."

Tonik Bank, a pioneering digital financial institution, is committed to revolutionising how money works in Southeast Asia. Servicing individuals and families who are either inadequately banked or altogether unbanked, Tonik Bank aims to offer a digitally powered banking experience that is not only accessible but also transformative.

Backed by the Bangko Sentral ng Pilipinas, the digital bank offers various retail financial products on a secure digital banking platform. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).

MoEngage, an insights-led customer engagement platform, is trusted by over 1,200 global brands. It empowers marketers and product owners with AI-driven insights to create omnichannel experiences that consumers value. MoEngage helps brands in 59 countries to power their digital experiences for over a billion monthly customers.