With the emergence of online transactions and wallets, it makes perfect sense that neobanks are also rising to the top. These are financial institutions that exist solely on an online platform, possibly with minimal to no physical presence at all. Tonik is an example of a neobank operating in the country that is officially recognized […]
It has been a year since Tonik offered its services in the Philippines as a next-generation neo bank that offers competitive interest rates (as high as 6% per annum for time deposits) and convenient ways of opening a digital bank account. Since then, it has secured over Php 5 billion in deposits in a span […]
Signing up for a bank account during the pandemic is quite a challenge, to say the least, but digital bank Tonik makes it incredibly easy to set aside money for a rainy day thanks to digital banking. Signing up takes about 5 minutes and their app makes the process simple. This neo bank has a […]
HONOR confirms that it will unveil the Magic5 series–and make the Magic Vs official globally–at MWC 2023. With MWC 2023 happening in a few weeks’ time, HONOR has confirmed that the Magic5 series and the Magic Vs foldable will have a global unveiling on February 27. This follows after a cheeky teaser taking jabs at […]
During the first half of the year, the volume and value of electronic payments and financial services processed through digital banks reached 1.4 million transactions and P8.45 billion, respectively. Digital Banks have flourished in the Philippines thanks partly to the restrictions imposed by the COVID pandemic, but mostly because of their convenience. Unlike traditional banks, […]
After being one of the first digital banks in the Philippines, ING has decided to end its retail operations after 4 years. In its announcement, ING explains that it will exit the Philippines because of “the uncertain global macro situation in the last few years.” This resulted in ING choosing to not expand its activities […]
As PayMaya continues to expand its services beyond being an eWallet platform, the Fintech app was recently given the green light by BSP’s Monetary Board to establish a digital bank. Called Maya Bank, the new platform will further strengthen PayMaya’s goal of accelerating financial inclusion in the Philippines. Maya Bank’s main focus will primarily be […]
Want to avoid paying ATM fees? We got you covered. If you haven’t heard, a number of local banks start implementing their interbank fees today with more banks soon to follow, thanks to a new Acquirer-Based Fee Charging (ABFC) model that the Bangko Sentral ng Pilipinas is now requiring banks to follow. Simply put, this […]