MANILA, Philippines, Feb. 13, 2024 /PRNewswire/ — Tonik Digital Bank (Tonik) announces its newest strategic collaboration with prominent Southeast Asian payment gateway, Xendit. The partnership marks a significant milestone for both companies, as they join forces to deliver secure, convenient, and customer-centric financial solutions.
The partnership with Xendit will further enrich Tonik’s ecosystem by providing customers with new and convenient channels for their Tonik accounts. Starting this February, Tonik customers can cash in from their BPI, UnionBank and GCash accounts, as well as new cash-in channels from banks like RCBC and Chinabank.
By March, Tonik customers can also access over-the-counter channels like 7-Eleven, Cebuana Lhuillier, M. Lhuillier, SM Payments, plus Palawan Express and LBC, and upcoming cash-in channels from e-wallets such as Maya and GrabPay.
“At Tonik, we are committed to providing our customers with the best possible digital banking experience. Our collaboration with Xendit is a significant step towards achieving this goal. By expanding our payment options and enhancing our ecosystem, we aim to empower Filipinos to take control of their finances with ease and confidence,” Tonik Founder and CEO Greg Krasnov said.
“Xendit has emerged as one of the leading payment gateways in the country and the region—proving that they’re the best in class, tried and tested. That’s why our sister company, TendoPay, among other prominent companies, works with them too. We’re excited to partner with a fellow fintech start-up that has the same grit as Tonik to succeed,” Tonik Group Chief Financial Officer Todd Esposito said.
“We’re excited to democratize world class payments experiences for the everyday Filipino. Guided by the highest industry standards, we build infrastructure for the everyday products that consumers use — people taking out a loan from Tonik should be able to experience the same quality, scalability of services that someone does in the Western markets or anywhere else in the world,” Xendit Chief Innovation Officer Yang Yang Zhang said.
Xendit is a unicorn fintech startup that specializes in simplifying the complexities of payments. With a robust platform that offers secure and efficient payment processing, Xendit has established itself as a key player in Southeast Asia, building seamless digital infrastructure for businesses in the Philippines, Indonesia, Malaysia, Thailand and Vietnam.
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).
Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets. It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.
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