Digital banking platforms have been at the heart of the financial technology revolution in the Philippines, offering simple and accessible financial solutions on smartphones to the marginalized. At the Fintech Revolution Summit in Manila, some industry leaders spoke to CoinGeek about the rise of digital payments and why they are the foundation of the country’s digital future.
The Philippines’ first digital bank
While there are dozens of digital payment solutions in the Philippines, only six have received a license from the central bank to operate as digital banks. Tonik Bank—alongside Maya—was the first to receive this coveted license in early 2022. It hit the one million customers mark in June last year.
Tonik’s chief product officer, Edmon Joson, told CoinGeek’s Claire Celdran that the bank has focused on financial inclusionsince its launch. It has integrated various technologies to offer the best products …