Daon, a global leader in biometric identity technology, today announced that it will deliver onboarding and mobile biometric authentication solutions to TONIK Digital Bank Inc (TONIK), the first digital-only bank in Southeast Asia.
TONIK Financial Pte Ltd recently announced that TONIK has received Notice of Approval for a new banking license from the Central Bank of the Philippines. The license will enable TONIK to provide a full range of retail banking services, focused primarily on retail deposits and consumer loans, through the first digital-only branchless bank licensed platform in the Philippines.
Daon will offer its IdentityX® as a Service cloud offering for onboarding, providing a simple, seamless, all-digital onboarding path for the bank’s customers, while meeting AML and KYC regulations for identity verification during account opening. Customers will use biometric factors based on the Fast IDentity Online (FIDO) standards - fingerprint, face and voice matching on the server for ongoing authentication.
“Daon has demonstrated a commitment to enabling some of the world’s most innovative banks to offer intuitive, secure and convenient solutions, that not only make it easier for customers to access services but improve the quality of their lives,” said Tom Grissen, CEO, Daon. “We look forward to working with a digital disrupter like TONIK as they revolutionize the banking sector in the Philippines and tap into significant market potential.”
“When the idea of TONIK Digital Bank was born, we knew that we were in the spotlight of the global trends of remote digital service and cashless transactions but the recent coronavirus outbreak made it even more obvious,” said Greg Krasnov, Founder & CEO, TONIK. “The world is changing, and the emerging markets are changing the fastest. In the Philippines, with its young and very digitally native population, digital banking will very soon become an industry norm. As for Filipinos that may currently be underbanked, their financial inclusion will also happen primarily through the digital channel. Together with Daon, we are happy to be at the forefront of this exciting trend.”
The movement toward digital banks is being driven by a mobile-first approach which offers customers increased simplicity and convenience, and as recent reports around the coronavirus outbreak continue, it places even greater value on digital banks that don’t rely on physical branches that might have to be closed or shorten their service hours.
TONIK is expected to launch later in 2020.