Mastercard partners with upcoming Philippine digital-only bank tonik

The lender plans to launch with loan offerings and retail banking services in Q3.

Mastercard’s fintech program has announced a partnership with financial solutions provider tonik, which recently received a digital-only bank license in the Philippines, the cards network announced in a press release.

Through their partnership with Mastercard Fintech Express, tonik will be able to issue a range of electronic payments products that taps into Mastercard’s global network and extensive business intelligence when tonik launches operationally later this year.

The bank plans to launch a transactional savings account with a debit card, savings and term deposit accounts, as well as a range of consumer loans in Q3. Debit Mastercard cards will be available to customers at the end of the year and will allow customers to transact and withdraw cash from everywhere Mastercard is accepted.