PayMaya gets digital bank license from BSP

PayMaya Philippines, the financial technology arm of Voyager Innovations, has secured a digital bank license from the Bangko Sentral ng Pilipinas, allowing it to reach more unbanked Filipinos.

PayMaya to operate a digital bank

Maya Bank, PH's sixth digital lender

In a statement, the group said Filipinos can soon experience the country's sixth digital lender Maya Bank, which will focus on the unbanked and underserved population of consumers and micro, small, and medium-sized enterprises.

​It also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.

The group said Maya Bank will provide mobile-first digital banking services using PayMaya's established networks, including Smart Padala which is now present in over 92 percent in all cities and municipalities.

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. Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services, said Manuel V. Pangilinan, Chairman of PLDT, Voyager and PayMaya.

Shailesh Baidwan, Voyager and PayMaya President, meanwhile, said the group is committed to helping the central bank in boosting financial inclusion.

We are very excited to work with the BSP to leapfrog the Philippine financial ecosystem by speedily developing and launching innovative digital banking services, especially for the underserved segments, Baidwan said.

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