PayMaya gets digital bank license from Bangko Sentral

ABS-CBN News

<p>MANILA - PayMaya has secured a digital bank license from the Bangko Sentral ng Pilipinas, its parent firm PLDT said on Monday. </p><p>PLDT’s fintech unit, Voyager Innovations, which operates PayMaya said the new digital bank will be called Maya Bank.</p><p>The company said it will leverage PayMaya’s successful track record of accelerating financial inclusion in the country. </p><p>“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<br/>(MSMEs),” PLDT said in its disclosure to the stock market. </p><p>The company said it also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.</p><p>&quot;Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments,&quot; said PayMaya CEO Founder Orlando Vea. </p><p>The BSP had earlier announced that it pause accepting new applications for digital bank licenses on <a href="https://news.abs-cbn.com/business/08/19/21/bsp-to-stop-accepting-digital-bank-applications-aug-31">Aug.31</a>, effectively limiting the entrants to the new banking category to just 7. </p><p>Maya Bank, would be the sixth entity to be recognized as a digital bank. </p><p>The 5 other digital banks are the state-owned OF Bank, the Singapore-based Tonik Bank, UNObank, UnionBank’s UnionDigital Bank, and the Gokongwei-backed GoTyme.</p><p>Other banks in the Philippines however are also offering no-branch app-based services, like CIMB Bank Philippines and ING Bank.</p><p>“Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services,” said Manuel Pangilinan, Chairman of PLDT, Voyager and PayMaya. </p><p>“Maya Bank and PayMaya, we will provide a powerhouse suite of intuitive, transparent, and readily accessible digital financial services relevant to Filipinos, in support of the country&#x27;s financial inclusion goals,&quot; said Shailesh Baidwan, Voyager and PayMaya President.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/21/21/unionbank-bsp-approved-digital-bank">BSP approves UnionBank application to create digital bank</a></li>	<li><a href="https://news.abs-cbn.com/business/08/16/21/gokongwei-backed-digital-bank-gets-bsp-license">Gokongwei-backed digital bank GOtyme gets BSP license</a></li>	<li><a href="https://news.abs-cbn.com/business/06/07/21/tonik-secures-digital-bank-license-bsp">Neobank Tonik secures digital bank license from Bangko Sentral ng Pilipinas</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1778029" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

PayMaya has secured a digital bank license from the Bangko Sentral ng Pilipinas, PLDT said on Monday. 

PayMaya gets digital bank license from Bangko Sentral | ABS-CBN

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PayMaya gets digital bank license from Bangko Sentral

PayMaya gets digital bank license from Bangko Sentral

ABS-CBN News

Published Sep 20, 2021 01:24 PM PHT

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