Daon will provide its onboarding and mobile biometric authentication services to Southeast Asia digital-only bank TONIK Digital Bank.
Through the new agreement, Daon will offer its IdentityX-as-a-service cloud offering for onboarding, giving customers of the bank a streamlined onboarding process which meets anti-money laundering and know your customer requirements. Users will be able to use biometric factors based on the Fast IDentity Online (FIDO) standards which cover fingerprint, face and voice matching, to access the banking services.
Daon CEO Tom Grissen said, “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.”
The digital bank recently received a banking license from the Central Bank of the Philippines, empowering them to offer a range of retail banking services. This includes deposits and consumer loans. TONIK is expecting to launch its services later in 2020.
TONIK founder and CEO Greg Krasnov said, “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.
“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.”
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