Apiwiz and Tonik partner to accelerate digital banking in the Philippines

By Leandra Monteiro

Apiwiz, a Low Code APIOps Platform, announces its partnership with Tonik, the first digital-only neobank in the Philippines, to accelerate banking services with regulatory compliance. Tonik also selected Apiwiz to establish collaborative API governance across various teams and streamline partnerships with existing and new service providers.

Tonik provides deposit, payment, and card products to consumers on a completely branchless, highly secure digital platform that disrupts the retail banking industry. The neobank’s goal is to strengthen its foothold in the fintech space and accelerate the rollout of additional lending and payment products with Open Banking APIs and regulatory compliance. Tonik will deliver a complete customer experience by interweaving best practices and API governance by consistently streamlining cross-functional team processes.

Apiwiz helps businesses in the API economy better manage the value creation of automated customer-centric services by simplifying the process of developing, managing, and monetizing APIs. Its unified developer portal provides one view of a business’ cross-organizational strategy, drives the adoption of internal and partner APIs, simplifies onboarding, and offers auto-generated interactive API documentation, guides, and software development kits (SDK).

The partnership marks a milestone in how digital banks can streamline the process of developing, building, and running APIs to boost financial inclusion and offer solutions for unbanked communities.

The year 2021 also marks when companies globally are increasingly using APIs to build software and connect systems. Appropriate API management can handle the various connections and dependencies between APIs, reduce API sprawl, and make every API release predictable and replicable for greater scalability.

“We are excited to partner with Tonik, the leading digital bank in Southeast Asia, to accelerate their Open API banking initiative and drive new revenue streams,” said Darshan Shivashankar, the founder of Apiwiz.

“Tonik’s vision of launching a purely digital bank to transform banking in Southeast Asia started in 2018. Central to this vision is the use of an open banking, multi-cloud, MI/AI-driven experience,” shared Arivuvel Ramu, the CTO of Tonik. “Our collaboration with Apiwiz is instrumental in the enhancement of our Open API platform with the addition of API lifecycle management, developer portal, and consent management on top of our existing Google Apigee platform. These enhancements will accelerate connections across our partner’s ecosystem in Southeast Asia and monetization via API as a new business revenue channel by Q1 2022.”