{"id":59641,"date":"2021-03-21T11:00:57","date_gmt":"2021-03-21T03:00:57","guid":{"rendered":"https:\/\/primer.com.ph\/blog\/?p=59641"},"modified":"2021-03-22T10:55:07","modified_gmt":"2021-03-22T02:55:07","slug":"digital-bank-tonik-goes-live-in-ph-offers-high-interest-rates","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/blog\/2021\/03\/21\/digital-bank-tonik-goes-live-in-ph-offers-high-interest-rates\/","title":{"rendered":"Digital Bank Tonik Goes Live In PH, Offers High Interest Rates"},"content":{"rendered":"<p><strong>Tonik Digital Bank Inc.<\/strong> officially launched in the country on Wednesday, March 18.<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-59665\" src=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik3-1.png\" alt=\"\" width=\"1300\" height=\"666\" srcset=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik3-1.png 1300w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik3-1-300x154.png 300w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik3-1-768x393.png 768w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik3-1-1024x525.png 1024w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><span style=\"font-size: 10pt\"><em>SCREENSHOT from Tonik&#8217;s website<\/em><\/span><\/p>\n<p>During its media launch,\u00a0<strong>Tonik founder and CEO Greg Krasnov<\/strong> said they&#8217;re aiming to\u00a0drive financial inclusion in the Philippine market by\u00a0<strong>simplifying the banking experience<\/strong>, which many people find intimidating.<\/p>\n<p>&#8220;By being more technology-driven, we&#8217;re aiming to make the people&#8217;s financial management quite simpler and less intimidating, which they are used to\u00a0[experience] from the banks.\u00a0You can start your journey with us with\u00a0just a few clicks of a button: no fuss, no hassle. You don&#8217;t need to go to any branch. You can do it at the comforts of your own home or office,&#8221; he said.<\/p>\n<p>Tonik does\u00a0traditional banking transactions online such as deposits, payments, and loans through its mobile banking app, giving its customers\u00a0the opportunity to enjoy a fully digital banking experience.<\/p>\n<p>&#8220;It&#8217;s all digital. We actually do everything on the cloud.\u00a0People want to stay at home\u00a0because they want to [feel] safe. With Tonik, you won&#8217;t have to line up\u00a0in the banks. You can do transactions anytime, anywhere because we do know that people need access to their money 24\/7,&#8221;\u00a0said\u00a0<strong>Ed Joson,\u00a0<\/strong>Tonik Philippines chief product officer.<\/p>\n<p><iframe loading=\"lazy\" title=\"How to Onboard on the Tonik App\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/SHpWMmzC4OI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>He\u00a0also said they&#8217;re\u00a0offering\u00a0up to 4.5% and 6% interest rates per annum for savings account\u00a0and time deposit respectively,\u00a0one of the highest in the country.<\/p>\n<p>&#8220;You always need to be smart when it comes to your future. You can&#8217;t just stop at putting your money in a savings account. You have to put it somewhere it will actually grow,&#8221; he added.<\/p>\n<p>When asked how\u00a0Tonik is going sustain its high interest rates, Chief Growth Hacker<strong> Mila Bedrenets<\/strong> explained that since they\u00a0run\u00a0most of their operations online, they don&#8217;t have to invest in any physical branch and other resources. Hence, the dramatically reduced operating cost enables the company to offer very good interest rates.<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-59653\" src=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik2.png\" alt=\"\" width=\"1710\" height=\"659\" srcset=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik2.png 1710w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik2-300x116.png 300w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik2-768x296.png 768w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/tonik2-1024x395.png 1024w\" sizes=\"auto, (max-width: 1710px) 100vw, 1710px\" \/><span style=\"font-size: 10pt\"><em>SCREENSHOT from Tonik&#8217;s website<\/em><\/span><\/p>\n<p>Tonik also offers the &#8220;solo stash&#8221; and &#8220;group stash&#8221; savings features which encourage customers to save money for a specific investment or goal. Through this, customers\u00a0can categorize their savings into up to 5 categories with 4.5% interest rate.<\/p>\n<p>Bedrenets said they\u00a0took the inspiration from\u00a0<em>pahulugan<\/em>, a pool saving system unique to Filipinos, wherein you save together with a group of friends and take turns collecting the accumulated funds on a set date, and modernized it to make it more accessible and convenient to users.<\/p>\n<p>You can download its mobile app on <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.tonik.mobile&amp;hl=en&amp;gl=US\">Google Play Store<\/a> and <a href=\"https:\/\/apps.apple.com\/ph\/app\/tonik\/id1541576007\">App Store<\/a>.<\/p>\n<p>Tonik is supervised by the Bangko Sentral ng Pilipinas, while its deposits are insured by the Philippine Deposit Insurance Corp.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tonik launched in the Philippines on March 18 to offer a new way of banking, aiming to provide a better and more convenient way to handle your finances.<\/p>\n","protected":false},"author":3,"featured_media":59656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[14587,14586,6702,14585,14588],"class_list":["post-59641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-current-events","tag-digital-bank-in-ph","tag-neobank","tag-online-banking","tag-tonik","tag-tonik-digital-launch"],"acf":[],"jetpack_featured_media_url":"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2021\/03\/toniklogo.png","_links":{"self":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/59641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/comments?post=59641"}],"version-history":[{"count":22,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/59641\/revisions"}],"predecessor-version":[{"id":59679,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/59641\/revisions\/59679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media\/59656"}],"wp:attachment":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media?parent=59641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/categories?post=59641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/tags?post=59641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}