Neobank tonik Partners with CredoLab to Redefine Lending in the Philippines
December 8, 2020
tonik, the Philippines' first digital-only neobank, has recently cemented another key alliance to redefine the way money is lent in the country. The neobank teamed up with CredoLab, one of Southeast Asia’s leading alternative credit scoring companies to future proof its business and guarantee end-users a seamless experience in loans issuance and applications.
To achieve this, CredoLab’s mobile SDK will be embedded into tonik’s mobile banking platform, enabling credit scores to be sent to the neobank in real-time. CredoLab’s AI-based algorithm delivers results with a high degree of predictability and accuracy, all while ensuring complete privacy protection. In turn, the technology will provide faster and more secure process in loan applications to Filipino customers, all accessible and centralized in one mobile app.
“Digital-first customers today need fast and painless access to money, whenever and wherever they are,” says Greg Krasnov, Founder and CEO of tonik. “Loans will be a critical part of our mission in providing better and more accessible banking options to the Filipino market whose majority is currently underserved. Our collaboration with CredoLab accelerates this mission through further enabling us to provide customers a simplified experience that is fast, reliable and secure to help manage their finances.”
Also commenting on the partnership is CEO and Founder of CredoLab, Peter Barcak said: “Our number one objective is to redefine the way creditworthiness is assessed. Through our partnership with tonik, Filipinos can look forward to an easier access to attractive interest rates and rapid approvals for a simplified, user-friendly, all-digital banking experience. CredoLab’s mission has always been to make credit available to all and this collaboration will open doors, allowing more to start new businesses, access personal credit, and pursue their ambitions.”
In December 2019, tonik received its license from Bangko Sentral ng Pilipinas, allowing the neobank to provide retail banking services focused on retail deposits and consumer loans. The neobank is set to launch its new mobile banking platform in the Philippine market in Q1 2021, offering a full range of services including transactional savings accounts, time deposits with attractive interest rates, as well as consumer loans.