Neobank Tonik on Tuesday said it would introduce home loans and cryptocurrency integration in the next 12 months.
The bank said it would venture into buy now, pay later and home loans for up to P2.5 million, which is set to launch in the second quarter of 2022.
"We realized there was a demand for bigger loans. Through quick online onboarding in-application and advanced digital scoring, we can also launch bigger loans, and of course, do it in a purely digital way," Tonik's Chief Growth Hacker Mila Bedrenets said.
"With a turnaround time of only seven days. And it's all done through our Tonik digital app. A first also for this product or this kind of service is we do valuation of the loans by leveraging the power of the web, your mobile, and the unique algorithm that allows us to respond to customer inquiries in mere seconds," Tonik's Chief Product Officer Ed Joson said.
This process takes four to five weeks on Tonik's brick-and-mortar rivals, Joson added.
"According to our numbers, up to half of active digitalized Filipinos already have crypto accounts or have some experience with crypto," Bedrenets said.
"The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app," Tonik Founder and CEO Greg Krasnov said.
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