Manila, Philippines, September 15, 2021 /PRNewswire/ — Tonik, The Philippines’ first entirely digital neobank, launched a Ready fast product on its platform. The launch of Ready fast marks Tonik’s entry into the deeply underserved consumer loan market in The Philippines, in which it intends to establish itself as one of the market leaders. Tonik’s revolutionary all-digital 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. At 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 credit decision making.
Quick application and credit decision. The Ready fast offers a market-leading fast application journey of less than 15 minutes, based on uploading a single ID and latest payslip. The credit decision is usually made in minutes through proprietary AI-powered underwriting.
Instant disbursement. Once approved, the 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 From there, funds can be withdrawn through OTC partners Cebuana and MLhuillier, transferred to the customer’s other bank or e-wallet account, or paid through an ATM or merchant payment using the debit card. Tonik flow.
Affordable and convenient reimbursement. By benefiting from a loan period of up to 24 months, Ready fast clients can comfortably allocate up to P50,000 of the total loan principal to their monthly budgets. Customers can also set their own preferred monthly repayment dates, as well as save time and lower their interest rate by linking their payroll ATM card.
“Traditional banks require the applicant to have a credit history to approve a loan while more than 80% of Filipinos have no credit history. As a result, Filipino consumers are forced to borrow from friends and family. family or providers of payday loans at very high interest rates, harming their long-term financial stability and jeopardizing their future, and we think that’s unfair. $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.,” said Greg KrasnovCEO 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 scale our lending resources rapidly, and therefore allows us to grow our lending portfolio quickly and without any reliance on wholesale third-party funding. Therefore the Ready fast is just the first in a line of all-digital consumer credit products that we will be launching over the next few months. Our plan is to use advanced digital technology to help solve financial inclusion in the country,” Krasnov said.
Tonik is supervised by 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 fintech 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 entirely digital neobank in The Philippines, offering a full range of lending, deposit 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 previously built and grown several retail banks and fintechs in global emerging markets. It is backed by the best international venture capital funds. Tonik operates from hubs in Singapore (headquarters), Manila, Chennaiand Kyiv.