Tonik, a Southeast Asia-focused digital bank, announced that it has raised US$6 million in an institutional funding round, led by VC investors Insignia Ventures Partners and Credence Partners, with participation from regional family offices and angel investors, according to Techinasia.

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The company plans to use the new funds to launch its digital bank in the Philippines and start commercial operations in the third quarter of 2020, according to a statement.

It will launch in the Philippines with its own bank license granted by the local banking regulator, with support and research and development functions based in Singapore and Chennai, India. Tonik claims to be the first digital bank in Southeast Asia and one of the very few globally to be operating on the basis of its own bank license.

“Over 70% of the adult population in the Philippines remains unbanked, and market research indicates that over 50% of existing bank clients would be keen to switch their deposits to a pure-play digital contender,” said Greg Krasnov, founder and CEO of Tonik.

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