TONIK Digital Bank is about to launch the first digital-only bank in the Philippines, in partnership with BPC, after receiving a banking license from the Philippines’ Central Bank (Bangko Sentral ng Pilipinas).
BPC will provide the payments processing centre through a Software-as-a-Service (SaaS) model –payment switching, fraud management and card lifecycle management will be handled from BPC’s global payment-processing centre powered by its SmartVista range of digital banking solutions.
Peter Theunis, MD at BPC
Speaking to IBS Intelligence, Peter Theunis, MD at BPC, said it will enable TONIK to efficiently route transactions and provide a secure environment for customers while gaining in speed-to-market and performance.
“For Filipinos, it means that they will be able to make seamless and secure local and international payments from their mobile, online or in-store,” Theunis said. “The Philippines is a vast territory where islands are dispersed and access to basic financial services is a daily challenge. TONIK will address this challenge with its 100 per cent digital bank, drawing on BPC’s 25 years of proven experience in global markets.”
The partnership between TONIK and BPC was born from a shared vision to deliver digital banking and payments with a purpose and with a direct impact on people and their access to finance.
Theunis explained: “The partnership is unique for its bank-in-the-cloud SaaS model. For our part, TONIK Bank will be operating in the Philippines supported by a technical set-up in Singapore, India and Hungary. Today, you no longer need to build everything in-house and in-country. A digital bank can be set up from multiple building blocks, taking the best-of-breed solution to release the best offering possible for the end-user.”
TONIK has used an agile approach to be able to launch in a matter of months, using blocks to focus on delivering a hyper-compelling offer and experience to customers.
Greg Krasnov, Founder and CEO of TONIK, commented: “With BPC, we rely on a partner that understands how startup digital banks need to operate and to scale efficiently at a fast pace. With BPC, we add a strong asset to our ecosystem to deliver banking and payments the way customers want, fast, affordable, efficient and highly secure.”
Theunis added that BPC has a global presence in over 80 countries, growing across Asia and Western Europe with its PayTech Radar Payments.
“The opening of our most recent offices in Cambodia and Pakistan testifies to our investment in the region. We already have a strong footprint in Cambodia, Vietnam, Laos and Thailand, and because the Philippines represents an important market to us, we will be reinforcing our presence in the country in 2020 even further.”
A number of companies have extended its services to the Philippines recently – yesterday, Azimo announced a partnership with Rippleto deliver cross-border payments to the country, using XRP.