The Bangko Sentral ng Pilipinas (BSP) has granted digital payment PayMaya Philippines (PayMaya) license to operate as a digital bank. Operated by Voyager Innovations, the fintech arm of PLDT Inc., the digital bank will be known as Maya Bank.
With the digital banking license from BSP’s Monetary Board, Maya Bank’s primary focus will be the largely unbanked and underserved population of consumers and micro, small, and medium-sized enterprises (MSMEs). It also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.
The BSP had earlier announced that it would limit the digital bank licenses to seven, with six now granted, including Maya Bank’s. In addition to Maya Bank, the central bank also granted licenses to GOtyme, Overseas Filipino Bank, Tonik Digital Bank, UNObank, and Union Digital Bank.
“The digital transformation of our country is at the top of the PLDT group’s agenda, and this development is a big step forward for Voyager and PayMaya,” said Manuel V. Pangilinan, Chairman of PLDT, Voyager and PayMaya. “Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services.”
Both PayMaya and the soon-to-be-established Maya Bank will spearhead Voyager’s digital financial services thrust, supporting the BSP’s goals of digitizing 50% of the total volume of retail payments and expanding the financially included to 70% of Filipino adults by 2023.
“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments,” said Orlando B. Vea, CEO-Founder, Voyager and PayMaya.