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Wednesday, June 19, 2024

Tonik launches insurance product in the Philippines

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Tonik, a digital bank in the Philippines, announced its strategic partnership with life insurance company Sun Life Grepa Financial Inc. to enhance the financial well-being of the companies’ valued customers.

Executives of Tonik and Sun Life Grepa sign a partnership agreement.

The partnership introduces Payhinga, an inclusive bundle service designed to offer customers financial security in the face of life’s uncertainties.

Payhinga, a credit life and disability insurance product, will complement Tonik’s loan offerings and will be readily available to customers applying for loans.

“The partnership with SunLife Grepa will significantly expand our suite of products, and insurance is a highly sought-after addition our customers have been requesting.”

Tonik country president Long Pineda said the partnership with Sun Life Grepa “will significantly expand our suite of products, and insurance is a highly sought-after addition our customers have been requesting.”

Payhinga will give customers access to life and disability insurance with coverage up to 120 percent of their loan amount, along with a two-month payment holiday where customers can push back their upcoming loan installments in case of financial strain.

Sun Life Grepa president Richard Lim said the “partnership with Tonik will enable us to reach a broader client base and fulfill our mission of delivering insurance protection to the underserved.”

The introduction of products like Payhinga represents a significant step forward, offering customers a two-in-one solution that combines loan access with comprehensive coverage in a convenient and cost-effective package.

Tonik is the first digital-only neobank in the Philippines, providing loan, deposit and payment products to consumers on a highly secure digital banking platform.  The neobank operates based on the first digital bank license issued by the Bangko Sentral ng Pilipinas (BSP).

It is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across global emerging markets.  It is backed by top international investors, including Sequoia India, Point72 Ventures, and Mizuho Bank.  Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila and Chennai.

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