Singapore-based digital bank Tonik seeks to disrupt deposit-taking in the Philippines by launching its local platform with an eye-popping maiden offering of 6-percent per annum interest, the highest-yielding bank deposit facility amid a record-low interest rate environment.
Tonik, which offers deposit, payment and card products to consumers through its proprietary app, is the first independent digital bank to set up shop in the country.
Foreign banks ING and CIMB as well as local banks Union Bank, East West Bank and RCBC were among the institutions that earlier launched their own all-digital banking platforms.
“We started Tonik because we were fed up with how traditional banks m…
Keep on reading: Digital-only bank Tonik woos with staggering deposit interest of 6%