 |
 |
MANILA, Philippines, Nov. 24, 2020 /PRNewswire/ -- Singapore-based TONIK Financial Pte LTD recently announced its collaboration with solutions provider CRIF for the automation of its loan origination and collection systems. The partnership will enable Tonik Financial's Philippines-based subsidiary, TONIK Digital Bank, Inc. (tonik) to increase its efficiency, and minimize its costs and risks in credit decision making and collection.
CRIF will be providing two key solutions to tonik: CRIF Loan Origination System and Contact Collection System. CRIF Loan Origination System is equipped with built-in workflow management capabilities that accelerate end-to-end loan application processing. Further, the technology enhances the bank's compliance readiness, allowing it to achieve significant improvements by originating more applications and responding faster to its customers while also utilizing best-in-class risk management and decision techniques.
Meanwhile, CRIF Contact Collection System is a solution that supports an operational process of companies working with delinquent assets. The system's main purpose is to provide an optimized and technically sophisticated collection process powered by a scalable architecture that easily allows for expanding workplaces and increasing number of users.
"Driving financial inclusion through empowering the underserved and unbanked Filipinos, which make up over 70% of the entire adult population in the country, is the cornerstone of what we do," said Greg Krasnov, CEO and Founder of tonik. Our partnership with an internationally esteemed credit solutions company like CRIF enables us to stay committed to this by giving potential customers simplified and smoother digital banking experiences that allow them to fully harness its benefits of speed, security and reliability to manage their finances."
Sharing this vision is Simone Colombara, Managing Director of CRIF Corp. Philippines, stating: "We are honored to be a trusted partner of such a disruptive financial institution such as tonik. It is truly a promising time for innovation-driven banking services in an emerging market such as the Philippines, where a huge segment of the working class remains underserved."
Lamberto Barbieri, Asia Managing Director of CRIF, also looks forward to the partnership and its impacts to financial technology in the region. "This is indeed a milestone for CRIF as we continue to work on responding more effectively to the needs of an increasingly demanding and digitally empowered financial market in Southeast Asia. Through our solutions, we hope to be able to stimulate tonik's role in transforming the banking sector in the Philippines."
tonik, the Philippines' first digital-only neobank, is set to launch a full range of banking services including a transactional savings account, time deposit accounts with attractive interest rates, as well as consumer loans in Q1 2021. Additional services such as debit MasterCard, credit cards, and fund transfer transactions will be made available over the course of the next years.
Learn more about this story and other updates from tonik via www.tonikbank.com.
About tonik
tonik is the first digital-only neobank in the Philippines, on a mission to revolutionize the way money works. It provides deposit, loan, payment, and card products to consumers on a highly secure digital banking platform. tonik is led by a veteran senior team who have previously built and scaled multiple digital and retail banks and fintechs across global emerging markets. Founded in 2018, tonik is launching operationally in 2021 in the Philippines on the basis of its own bank license, with support and R&D functions based in Singapore and Chennai, India.
For media contact:
Kristel Artates
pr@tonikbank.com
About CRIF
CRIF is a global company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia).
