Mizuho Bank to invest $61m in Philippine digital bank operator Tonik Financial

The bank hopes to cash in on the Philippines growing digital finance sector.

Mizuho Bank, Ltd. has announced its plans to acquire 10% of Philippine digital bank operator Tonik Financial Pte. Ltd. which amounts to JP¥7b ($61m).

Tonik Financial, which is based in Singapore, operates Tonik Digital Bank, Inc. and is one of the Philippines' first digital-only private neobank in the country.

Mizuho Bank sees this opportunity to cash in on the Philippines’ rapid growing digital finance sector.

Tonik Digital Bank is the first digital bank to enter the Philippines through a subsidiary. Since opening in March 2021, it now has over 100,000 accounts.