PayaMaya is Becoming a Digital Bank to be called Maya Bank, BSP Approves

Voyager Innovations (Voyager), through its financial technology arm PayMaya Philippines (PayMaya), just announced that it had obtained the approval of the Monetary Board of Bangko Sentral ng Pilipinas (BSP) to establish a digital bank. 

To be known as Maya Bank, the digital bank will leverage PayMaya's successful track record of being at the forefront of accelerating financial inclusion in the country. PayMaya is the only financial technology company in the Philippines that operates an end-to-end FinServ (financial services) ecosystem with its widely used leading e-wallet, the most extensive on-ground digital remittance network through Smart Padala, and the largest non-bank merchant payments processing business.

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 (MSMEs). It also intends to promote digital financial among youths, women, senior citizens, and other unbanked segments.

The BSP had earlier announced that it would limit the digital bank licenses to seven, with six now granted, including Maya Bank's. The window for the submission of applications from new entrants, including converting banks, closed last August 31.

Orlando B. Vea Voyager and PayMaya CEO-Founder said: "The Philippines is at the cusp   of digital transformation, and over the recent years, PayMaya has led the charge in accelerating financial inclusions across consumers and enterprises. Our digital bank license underpins the unique value of our end-to-end financial services ecosystem s it unlocks opportunities beyond payments. We are truly honored by the trust placed on us by the BSP for our digital banking endeavor. "

Shailesh Baidwan, Voyager and PayMaya President said: "We are very excited to work with the BSP to leapfrog the Philippines financial ecosystem by speedily developing and launching innovative digital banking services, especially for the underserved segments. With 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's financial inclusion goals."

 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.

In June 2021, Voyager raised an additional US$167 million to accelerate the growth of PayMaya's digital payments business and expand to new and inclusive products, such as credit, insurance, savings, and investments, through the soon-to-be-established digital bank.