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Homepage > News > Interviews > RCBC, Tonik Digital talk financial inclusivity in the PH Digital banking platforms have been at the heart of the financial technology revolution in the Philippines, offering simple and accessible financial solutions on smartphones to the marginalized. At the Fintech Revolution Summit in Manila, some industry leaders spoke to CoinGeek about the rise of digital payments and why they are the foundation of the country’s digital future. title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””> The Philippines’ first digital bank While there are dozens of digital payment solutions in the Philippines, only six have received a license from the central bank to operate as digital banks. Tonik Bank—alongside Maya—was the first to receive this coveted license in early 2022. It hit the one million customers mark in June last year. Tonik’s chief product officer, Edmon Joson, told CoinGeek’s Claire Celdran that the bank has focused on financial inclusion since its launch. It has integrated various technologies to offer the best products “because when you’re addressing a market like the Philippines, having the right technology enables you to serve the market better.” While the Philippines has made great strides in promoting financial inclusion, four in ten adults remain unbanked, according to the latest study by the Bangko Sentral ng Pilipinas (BSP). “The opportunity is really there to serve the underbanked. A lot of customers really need these services. They are hungry for access to credit, credit scores, and other financial services,” Joson said. One key impediment to banking the marginalized is a lack of identity documents, which are required for KYC, according to Joson. However, recent government initiatives are solving this challenge. “The initiatives of the BSP and providing our Philippines ID is such a great boon to our bank and…

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Filed under: News - @ October 28, 2024 5:24 am