According to Tonik's estimates, the Philippines represents a US$140 billion retail savings market, and a US$100 billion unsecured consumer lending opportunity.
Greg Krasnov, founder and chief executive of Tonik, said:"Covid-19 is causing consumers all over the globe to save more for emergencies, to care more about the safety of their money, as well as about earning a fair interest rate on their deposits while having access to their funds for easy withdrawal and transfer.
"In the Philippines, where over 70 per cent of the population remains unbanked, we are observing a rapid jump in consumer demand for digital banking and digital transfers since the start of the year." Pete Casella, head of fintech investments at Point72 Ventures, said:"We believe deeply in Tonik's vision for a digital bank that is underpinned by the customer protections inherent in being a government-approved bank, and also the flexibility of being a completely digital startup."For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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