Daon will be providing essential mobile onboarding and identity verification services for TONIK Digital Bank. TONIK is the first digital-only bank in Southeast Asia, and will leverage Daon’s cloud-based IdentityX to onboard its new customers.
IdentityX is based on current FIDO standards, and can verify the identities of customers with face, voice, and fingerprint biometrics. The multimodal solution is also compliant with the latest Anti-Money Laundering and Know Your Customer regulations.
TONIK itself is expected to launch later in the year. The Central Bank of the Philippines has already issued a formal Notice of Approval for a new banking license, which will allow TONIK to offer a full suite of retail banking services. The financial institution plans to focus its efforts on consumer loans and retail deposits, and hopes that its services will attract a younger clientele and raise financial inclusion in the Philippines.
“In the Philippines, with its young and digitally native population, digital banking will soon become an industry norm,” said TONIK Founder and CEO Greg Krasnov. “For Filipinos that may be underbanked, financial inclusion will happen primarily through the digital channel. Together with Daon, we are happy to be at the forefront of this exciting trend.”
Daon previously partnered with Union Systems Limited in an effort to extend the reach of the IdentityX platform in Africa, and has since hired a new VP of Emerging Markets. The company also updated IdentityX in July to enable browser-based onboarding.
March 17, 2020 – by Eric Weiss