Singapore-based Tonik Financial Pte. Ltd. on Thursday debuted in the Philippines’ banking sector with the launch of its digital-only or “neobank” unit Tonik Digital Bank Inc., offering a hefty 6% interest rate per year on deposits.

Tonik Bank is the country’s first recipient of a digital-only banking license from the Bangko Sentral ng Pilipinas (BSP). Tonik Bank said its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC)
The digital-only bank said it is offering deposit interest rates of up to 6% per annum.

Tonik Bank said customers can open fully functional banking accounts in under five minutes by installing the Tonik App, submitting a valid ID and taking a selfie for verification purposes.

Source: GMANews