Manila, Philippines, September 15, 2021 / PRNewswire / – Tonik, The Philippines’ first exclusively digital neobank, launched a Ready fast product on its platform. The launch of Ready fast marks Tonik’s entry into the very underserved consumer credit market in The Philippines, in which it intends to establish itself as one of the market leaders. Revolutionary all digital from Tonik Ready fast is designed to serve the vast, unbanked and underbanked Filipino middle class with a fast and affordable bank credit proposition.
Mass market appeal. Tonik’s Ready fast does not require the customer to have a credit history or a pre-existing bank account at another bank, instead relying on alternative world-class credit scoring technologies for the credit decision.
Quick application and credit decision. The Ready fast offers a fast application path of less than 15 minutes, market leader, based on the upload of a single piece of ID and the last payslip. The credit decision is usually made within minutes through a proprietary AI-based underwriting.
Instant disbursement. Once approved, funds are instantly credited to the customer’s Tonik account. From there, funds can be withdrawn through OTC partners Cebuana and MLhuillier, transferred to the customer’s other bank account or e-wallet, or paid through an ATM or merchant payment using the card. Tonik flow rate.
Affordable and convenient reimbursement. By benefiting from a loan period of up to 24 months, Ready fast clients can easily allocate up to P 50,000 of the total loan principal over their monthly budgets. Customers can also set their own preferred monthly repayment dates, as well as save time and lower interest rates by tying their ATM card to payroll.
“Traditional banks require the applicant to have a credit history to approve a loan when over 80% of Filipinos have no credit history. As a result, Filipino consumers are forced to borrow from friends and family. family or very high interest payday loan providers. It hurts their long term financial stability and jeopardizes their future, and we think it is unfair. We feel there is $ 100 billion of the potential consumer credit market in The Philippines, which is currently 90% unserved. Our plan is to change this balance and make affordable loans accessible to the majority of Filipinos.,” noted Greg krasnov, CEO and founder of Tonik.
“We have already attracted nearly $ 80 million consumer deposits since our launch six months ago. This has validated our ability to rapidly increase our lending resources, and therefore allows us to grow our loan portfolio quickly and without any reliance on third-party wholesale funding. Therefore the Ready fast is just the first in a line of fully digital consumer credit products that we will be launching in the coming months. Our plan is to use advanced digital technology to help solve financial inclusion in the country, ”Krasnov said.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) through its own digital banking license, and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services and Finastra.
Learn more about Ready fast and other updates from Tonik via https://tonikbank.com.
Tonik is the first exclusively digital neobank The Philippines, providing a complete stack of lending, depositing and payment products to consumers on a highly secure digital banking platform. The neobank operates on the basis of its own banking license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have already built and grown several retail and fintech banks in global emerging markets. It is backed by the best international venture capital funds. Tonik operates from hubs in Singapore (HQ), Manila, Chennai, and Kiev.