TONIK brings digital banking to the Philippines with Finastra solution

Elly Yates-Roberts
By Elly Yates-Roberts on 21 January 2020
TONIK brings digital banking to the Philippines with Finastra solution

Digital bank TONIK is using Finastra’s Fusion Essence Cloud to bring modern financial services to the Philippines. The Microsoft Azure-based solution will provide the scale and agility to power its core banking capabilities. 

TONIK aims to give Filipinos a better banking experience by offering innovative solutions through the Microsoft Azure Southeast Asia Region. Ongoing software updates from Microsoft and Finastra will ensure its solutions are as relevant as possible, and access to Finastra’s will provide additional innovative offerings. 

“The banking sector in the Philippines is ripe for digital disruption,” said Greg Krasnov, founder and CEO of TONIK. “The country has high internet usage, the majority of Filipinos are unbanked and research shows half of the people who do have bank accounts would be interested in switching to a neobank [digital bank]. 

“We want to create a hyper-compelling consumer proposition that will revolutionise the way money works in the region. Finastra's Fusion Essence Cloud will give us the agility to get these services to market quickly and efficiently. We are also impressed by the modern, open and scalable capabilities of the solution, particularly the in-built analytics, which will help us to better understand our customers' smart digital banking needs.”

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