SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

Philippines neobank Tonik steps up banking game with Google Cloud

Tue 18 Jan 2022

Tonik Digital Bank, a Philippines-based neobank, is looking to Google Cloud to power the next evolution in digital banking, particularly in areas such as machine learning, data analytics, API management, and scalable infrastructure.

The bank, which opened in March 2021, has taken just 10 months to deliver services on the forefront of digital banking. According to the company, 52% of the rural population have had little incentive to participate in the country’s banking systems, partly due to the long distances they must travel to visit a physical bank or ATM.

According to Tonik founder and CEO Greg Krasnov, the company needed to drive its value proposition not just through cost, but also consumer trust - and to do that, it needed to invest in customer experience.

“Google Cloud has enabled us to deliver frictionless and customer-centric services that allow Filipinos to easily embrace the financial system. This collaboration – having played an integral role in Tonik being entrusted with more than US$100 million in consumer deposits to date – will empower us to continue expanding our product portfolio and drive real societal impact across the region.”

The company uses tools including Google Cloud’s API Management platform to build and scale banking APIs necessary to integrate its mobile app with third party providers, and optical character recognition (OCR) APIs to extract text from images.

The company works with partner Daon for automated customer onboarding and biometric identification. This enables the bank to ask customers for selfie and scanned copies of their ID, which are processed by the OCR technologies. Daon then conducts checks on the ID to match it against official sources.

According to Tonik chief technology officer Arivuvel Ramu, interoperability is essential to the company’s business strategy, so every part of its digital banking platform is driven by APIs.

“As our architectural foundation, Google Cloud’s Apigee API Management platform allows us to unlock new digital channels, expand our business model, and generate new revenue streams. While APIs are not new to conventional banks, they tend to be private APIs tailored for a specific partner, which means third parties cannot reuse that API. In line with our commitment toward supporting broader ecosystem innovation, we have taken the private APIs that we have developed and converted them into public APIs.”

Ramu adds that customers trust the company with their personal, sensitive information. To promote open banking and innovation, API security and consent management standards must always be upheld.

“By capturing and managing customer consent on what data we are permitted to share with authorized third parties, Apigee ensures that we comply with stringent regulatory requirements like PSD2. Apigee simultaneously secures our APIs to avoid data breaches by malicious users.”

Google Cloud’s Southeast Asia managing director Ruma Balasubramanian says that digital-first business models and customer interactions are necessary for financial inclusion and to close distance gaps.

“Tonik, through its mature API- and data-led strategy, is creating an open finance ecosystem that will accrue richer digital user experiences and flexibility for players to securely share and maximize digital assets – with Filipinos the ultimate beneficiaries. Google Cloud is proud to be a part of Tonik’s innovation journey.”

Balasubramanian concludes, “We look forward to supporting the bank’s continuous commitment toward serving the Philippines’ unbanked and underbanked, while it scales for growth and empowers the region’s fintech developer community.”

Related stories
Top stories
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Ivanti
Ivanti and Lookout bring zero trust security to hybrid work
Ivanti and Lookout have joined forces to help organisations accelerate cloud adoption and mature their zero trust security posture in the everywhere workplace.
Story image
APAC
Odaseva expands in APAC and UK with more security features
Odaseva, a data platform for Salesforce, is establishing new headquarters in London as well as a new data center in India.
Story image
Malware
Sharp increase in phishing as cybercriminals leverage SEO to lure victims
"Malware lurking everywhere, from cloud apps to search engines, leaving organisations at greater risk than ever before."
Story image
Training
Fortinet training edges toward closing cybersecurity gap
The Fortinet Training Institute has made significant progress in closing the cybersecurity skills gap, on track to train one million people by 2026.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Cybersecurity
ThoughtLab reveals 10 best practices for cybersecurity in 2022
The benchmarking study reveals best practices that can reduce the probability of a material breach and the time it takes to find and respond to those that happen.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
SaaS
Absolute Software expands Secure Access product offering
Absolute Software is enhancing its Secure Access product portfolio, enabling minimised risk exposure and optimised user experiences in the hybrid working environment.
Story image
Microsoft
Apple, Google and Microsoft expands plans to get rid of passwords
FIDO Alliance says the world is closer to not relying on passwords after Apple, Google and Microsoft expands their support for a passwordless sign-in standard.
Story image
Fortinet
Fortinet sees 34% revenue increase in latest financial results
Fortinet has released its financial results for the first quarter ended March 31, 2022, seeing a total revenue increase of 34.4% compared to the same quarter last year.
Story image
Secure access service edge / SASE
Versa Networks recognised as SASE leader in Govie Awards
Versa Networks has announced its SASE offering has been recognised in The Govies Government Security Awards competition by Security Today magazine.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Artificial Intelligence
ForgeRock releases Autonomous Access solution powered by AI
ForgeRock has officially introduced ForgeRock Autonomous Access, a new solution that uses AI to prevent identity-based cyber attacks and fraud.
Story image
Cybersecurity
Global bot security market to reach US$2.5 billion by 2032
The global bot security market to reach US$2.5 billion by 2032 driven by a growing need for cyber security, according to a new report.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from IronNet
Michael Ehrlich joins us today to discuss the history of IronNet and the crucial role the company plays in the cyber defence space.
Story image
Mitiga
Mitiga discovers potential hidden dangers in Google Cloud Platform’s (GCP) cloud control plane
The company also says that there is significant risk in cloud development caused by not recognising the differences between cloud and traditional definitions of common architecture terms.
Story image
Data Protection
Managed Service Providers key to customer data protection
Frequent cyberattacks in the ASEAN region drive the demand for MSPs that can deliver purpose-built security solutions for SME customers.
Story image
VPN
Palo Alto Networks says ZTNA 1.0 not secure enough
Palo Alto Networks is urging the industry to move to Zero Trust Network Access 2.0 because previous versions have major gaps in security protection.
Story image
Appian
Appian awarded billions in damages against Pegasystems Inc.
Appian has been awarded USD$2.036 billion in damages against Pegasystems Inc as the result of a jury verdict in the Circuit Court for Fairfax County, Virginia.
Story image
Tech job moves
Tech job moves - Cisco, Hitachi Vantara, Tricentis & Zscaler
We round up all job appointments from April 28 - May 5, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Public Cloud
Radware announced launch of CNP spinoff SkyHawk Security
“We recognise the growing opportunities in the public cloud security market and are planning to capitalise on them."
Story image
Hyperscale
SpaceDC partners with Aofei for data center sales in Asia
SpaceDC has partnered with Aofei Data International to sell Aofei's data centers, CDN and SDN in China.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Ransomware
Anniversaries remind us to review identity risks
World Password Day provides a timely reminder for ordinary citizens and organisations to stop and think about the risks associated with digital identities.
Story image
Firewall
Sophos named Gartner Peer Insights Customers Choice for network firewalls
The company earned the highest overall customer rating among vendors with at least 150 verified customer reviews.
Story image
Digital Transformation
Physical security systems guide the hybrid workplace to new heights
Organisations are reviewing how data gathered from their physical security systems can optimise, protect and enhance their business operations in unique ways.
Story image
Cybersecurity
World (un)Password day? Yubico releases MFA guide encouraging new ideas
In a slight departure from traditional World Password Day lore, Yubico has today announced a multi-factor authentication (MFA) guide.
Story image
Blue Prism
Blue Prism Desktop uses IA to defend against vulnerabilities
SS&C Blue Prism Desktop aims to help protect businesses against vulnerabilities, using a combination of security measures and intelligent automation tech.
Story image
Tech job moves
Tech job moves - Datacom, Micro Focus, SnapLogic and VMware
We round up all job appointments from May 6-12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Cybersecurity
HackerOne launches Attack Resistance Management solution
HackerOne has launched Attack Resistance Management - a new category of security solution that targets the root causes of the attack resistance gap. 
Story image
Artificial Intelligence
IBM study reveals changing sentiments around AI ethics
80% of respondents pointed to a non-technical executive, such as a CEO, as the primary 'champion' for AI ethics, a sharp uptick from 15% in 2018.
Story image
Surveillance
Genetec launches new enclosure management system for data centers
Genetec has released a new enclosure management solution that will give data centers the ability to secure, monitor and manage access to racks and cabinets remotely.
Story image
Cybersecurity
CyberArk launches $30M investment fund to advance security
CyberArk has announced the launch of CyberArk Ventures, a $30 million global investment fund dedicated to advancing the next generation of security disruptors.
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Forensics
Exterro adds advanced capabilities to digital forensic tool
The launch is in-line with Exterro’s investment in the FTK product line, and underscores the company's commitment to the digital forensics.
Story image
Phishing
Developments in phishing and how to protect your business
Phishing, the practice of sending malicious emails to encourage users to perform actions that benefit an attacker, is a key security concern for modern businesses due to its prevalence and impact.
Story image
Cybersecurity
Companies rushing to secure print infrastructure
As the pandemic prioritised communication channels and the shift to remote work, IT departments fell behind in updating the security of print and IT infrastructure.