The bank will participate in Mastercard’s Fintech Express program

Mastercard teams up with Asian neobank to accelerate inclusion. Source: shutterstock.com

Mastercard has announced a partnership with tonik, a 2-year-old startup that recently received a bank license in the Philippines.

This way, tonik will enhance its market proposition by issuing e-payments products that tap into Mastercard’s global network.

According to the report, tonik will launch with a full range of banking services. They include transactional savings account with a debit card, savings, and term deposit accounts with attractive interest rates, along with a range of consumer loans in Q3 2020.

Debit Mastercard cards will be available to customers by the end of 2020 and will allow customers to transact and withdraw cash from everywhere Mastercard is accepted.

Such additional services as loans, credit cards, and fund transfer categories will be made available during this year.

We’ve reported that Polish startup PayEye?enables?contactless payments by scanning an iris. It operates under the license of the Polish Supervision Authority and has the status of a small payment institution.

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