Daon partners with Tonik to deliver mobile biometric authentication in the Philippines
Daon will provide mobile biometric onboarding and authentication solutions to Tonik Digital Bank in Southeast Asia through its IdentityX platform, the company announced.
Tonik Financial, which claims to be the first digital-only bank in Southeast Asia, has been granted a banking license from the Central Bank of the Philippines. It will digitally deliver a number of retail banking services such as retail deposits and consumer loans. Daon’s IdentityX platform will be used as a service cloud feature for all-digital onboarding, while complying with AML and KYC regulations for identity verification. Biometric fingerprint, voice and face matching can be deployed in line with FIDO standards.
“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, Daon CEO, in a prepared statement. “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, Tonik founder and CEO, in a prepared statement. “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.”
A mobile-first approach is driving the digital bank trend, as customers can benefit from enhanced simplicity and convenience, according to the announcement. Tonik is expected to launch during 2020.
The deal follows Daon’s appointment of former CBP INVNT leader Ari Schuler as vice president of emerging markets earlier this year.