Tonik has chosen Noname Security to help safeguard a critical component of its digital platform as it works on finding new retail lending opportunities in Southeast Asia.

According to Tonik founder and CEO Greg Krasnov, the company needed to drive its value proposition not just through cost, but also consumer trust.

Data from the IDC report shows that the rise of digital banking can be partially attributed to the conservative view of the value chain maintained by many traditional banks – leaving them unable to take advantage of potential ecosystem partners.

Neobanks are catering to customers who are tired of the big banks and those who seek alternatives, says financial advisory firm Mozo.