TONIK
eager to try out digital solutions and adopt digital solutions , and I think that ' s been a nice backbone for us , and that ' s also been , of course , reinforced by the lockdown .”
Strategic partnerships with BPC and Mastercard Currently , Tonik has strategic partnerships with Mastercard and BPC , and they are delivering a virtual card to customers immediately upon onboarding – Mastercard can be used at any point of sale that it ’ s accepted online . Krasnov describes the collaboration as a ‘ wonderful ’ relationship . “ We ' re actually , I think , one of the first banks in Southeast Asia to achieve Mastercard principal status before we even got our bank licence , because typically they start you off on a lower band and then kind of graduate it up to principal . But in order to roll out some of the features that we wanted to have in our MVP , we really needed principal .”
In terms of BPC , Tonik partners with them because they are a good processing operator . The bank uses their Hungarian processing centre because , although they are a global company , Asia is their biggest marketplace .
Tonik products and services Currently , Tonik ' s retail financial products include deposits , loans , savings , accounts , payments , and cards on a highly secure digital platform . The product strategy runs in three product groups – namely , lending , savings and payments .
“ Within savings , there are three very differentiated products . We have Stash term deposits and Group Stash . Stash is a savings account that ' s for a specific purpose , so you can create multiple stashes . Just think how at home you ' ll have multiple envelopes to stash money into , so that ' s exactly what we ' re replicating . You can put a picture of your kids or a picture of that motorbike you really want , or you know , that Paris vacation or whatever it is , and really create an emotional connection .”
The Group Stash , which is a variation of the individual savings Stash , has been created to reflect the cultural preferences of the Philippines when it comes to saving money . The product enables communal saving so
194 May 2022