Update on Digital Bank Tonik Total Deposits Since its Operation Started
DIGITAL BANK TONIK – The digital bank that first operated in the Philippines in March 2021 revealed its total deposits in the first 8 months.
Bangko Sentral ng Pilipinas has approved several digital bank applications in 2021. The Central Bank believes that digital banks can help in the recovery of the economy of the Philippines amid the COVID-19 pandemic. The country’s economy was greatly dragged down by long quarantine measures.
The needed widespread quarantine measures in the country limited the operations of many businesses and several firms and companies were not able to cope with the demands of the current situation. The country has yet to return to the pre-pandemic “normal” setting.
Some businesses were forced to make a temporary closure while others had no choice but to shut down permanently. Both resulted in a loss of income for many people.
Several entities and companies applied for digital banks’ operating licenses. One of those that Bangko Sentral ng Pilipinas approved is Tonik.
It was in March when digital bank Tonik started its operation. Based on a report on ABS-CBN News, a month after it started operating, the digital bank recorded P1 billion in consumer deposits.
Based on the report, the bank offers up to six (6) percent annual interest rate for time deposits. It also got Solo Stash and Group Stash features which offer 4 percent to 4.5 percent interest rates, respectively.
Eight (8) months since it first operated, digital bank Tonik has recorded a total consumer deposit of P5 billion. It continues to push on its goal to provide more services to a wider range of people most especially the unbanked. According to the digital bank, the launching of a welcome bonus and referral program will take place this holiday season.
More updates may be posted soon…
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