The group that set up the PayMaya mobile wallet is set to unveil one of the country’s few pioneering digital banks, targeting the millions of Filipinos without access to traditional banking services.
Voyager Innovations, which developed PayMaya, said in a statement on Monday it had obtained a digital banking license from the Banko Sentral ng Pilipinas (BSP) to establish “Maya Bank.”
Maya Bank will thus have the ability to provide a host of financial services that regular banks provide, including savings and loans, but without having a physical branch network since business is conducted online.
Digital banks are a new and distinct category. They will also be be subjected to strict regulations, similar to other banks.
“With the digital banking license, Maya Bank’s primary focus will be the largely unbanked and underserved population of consumers and micro, small, and medium-sized enterprises,” Voyager said in the statement, referring to the roughly 70 percent of Filipino adults that do not have a bank account.
“It also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments,” the company added.
The BSP had announced that digital bank licenses would be issued to just seven players. Six licenses, including the one obtained by Maya Bank, have been granted.
“The Philippines is at the cusp of digital transformation, and over the recent years, PayMaya has led the charge in accelerating financial inclusion across consumers and enterprises,” Orlando Vea, CEO and founder of Voyager and PayMaya, said in the statement.
“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments,” he added.
Services like PayMaya have surged during the COVID-19 pandemic, with the company reaching about 40 million users at the end of August this year.
“With Maya Bank and PayMaya, we will provide a powerhouse suite of intuitive, transparent, and readily accessible digital financial services relevant to Filipinos,” said Shailesh Baidwan, president of Voyager and PayMaya. INQ