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December 8, 2021

Tonik selects Apiwiz to accelerate digital Banking in Philippines

Tonik, a digital-only neobank, has joined forces with low code APIOps platform Apiwiz to accelerate banking services in the Philippines.

Through this partnership, Tonik aims to bolster its presence in the fintech space and accelerate the rollout of new lending and payment products using open banking APIs.

Tonik, a branchless lender, offers deposit, payment, and card products.

The partnership also seeks to establish collaborative API governance across Tonik’s teams and streamline partnerships with existing and new service providers.

Tonik CTO Arivuvel Ramu said: “Tonik’s vision of launching a purely digital bank to transform banking in Southeast Asia started in 2018. Central to this vision is the use of an open banking, multi-cloud, MI/AI-driven experience.

“Our collaboration with Apiwiz is instrumental in the enhancement of our open API platform with the addition of API lifecycle management, developer portal, and consent management on top of our existing Google Apigee platform. These enhancements will accelerate connections across our partner’s ecosystem in Southeast Asia and monetization via API as a new business revenue channel by Q1 2022.”

Apiwiz founder Darshan Shivashankar said: “We are excited to partner with Tonik, the leading digital bank in Southeast Asia, to accelerate their Open API banking initiative and drive new revenue streams.”

In March this year, Tonik has launched its services in the Philippines with the aim to disrupt the retail banking market.

Tonik’s peers include GOtyme, UNObank, UnionDigital Bank and Overseas Filipino Bank.

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