Neobank Tonik has launched its services in the Philippines with the aim to deliver financial services to the unbanked.

The lender is said to be the first digital-only neobank in the Philippines.

Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP), while the deposits will be insured by the Philippine Deposit Insurance Corporation (PDIC).

The neobank will provide deposit, payment and card products to the consumers through its app. It will offer up to 6% per annum interest rates on deposits.

Customers can open an account through the app using an ID card and a selfie. Once onboard, they will be issued a virtual Mastercard debit card that can be used for making purchases at variety of e-stores.

They can deposit money into their accounts through interbank transfers, using debit card or in cash leveraging retail agent network.

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Tonik plans to expand its offering soon to include a physical debit card or an all-digital consumer loan.

Tonik founder and CEO Greg Krasnov said: “We started Tonik because we were fed up with how traditional banks mistreat their customers.  The fact that 70% of the Filipinos remain unbanked shows that the tedious onboarding process of traditional banks and their ridiculously low interest rates do nothing to satisfy the needs of the consumers.

“We believe that banking should be easy, fun, and – like most services these days – right there, in the palm of your hand.  We are using world-class technology to dramatically cut operating costs, which allows us to offer game-changing interest rates and not to charge unfair fees to our customers.”

Last month, Tonik added FinScore’s AI-powered Telco Data Credit Scoring technology to its digital platform.