Case Study: Tonik launches the Philippines' first digital-only bank and secures US$150 million in deposits with Finastra's Fusion Essence

Disrupting the banking sector with digital-first services from Finastra

Tonik, a Philippines-headquartered digital bank on a mission to serve the country’s large unbanked and underbanked population, set out to become the Philippines’ first digital-only bank and secure the nation’s first digital banking license. To convince regulators and support rapid, secure, and scalable growth, Tonik partnered with Finastra and selected Fusion Essence as its core banking platform.

Finastra implemented Fusion Essence (deployed on Microsoft Azure) to provide a flexible, API-driven core with microservices, enabling fast time-to-market and regulatory confidence. In just 18 months Tonik opened over 500,000 customer accounts, secured US$150 million in deposits, and achieved strong app ratings (4.7 on Google Play, 4.5 on the App Store); Finastra’s platform and support also allowed Tonik to iterate products quickly (for example, group-saving features) and continue expanding its digital offerings.

Tonik

Greg Krasnov

Founder & Chief Executive Officer