Milestone reached: Tonik Bank records 1 million depositors

All-digital Tonik Bank said it has reached one million customers after three years of operations in the Philippines.

The online bank, which is owned by a Singapore-based holding company, said it has breached the one million mark for its client base this June.

Tonik is regulated by the Bangko Sentral ng Pilipinas as a digital lender and had been the first to secure such a license from the regulator. It is dangling Tonik-branded items as prizes for its clients as they participate in a Facebook contest.