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Finance

Mizuho to invest about $60.6m in Tonik Financial

Japanese Bank looks to leverage growth in digital finance in Philippines

Tonik Digital Bank saw more than 100,000 accounts open within six months of its March 2021 opening in the Philippines.

TOKYO -- Mizuho Bank will invest in Tonik Financial, which runs a digital bank in the Philippines, by the end of this month. Mizuho will buy about 10% of the company's stock for roughly 7 billion yen ($60.6 million). The Japanese bank hopes to cash in Southeast Asia's growing digital finance sector.

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