Technology developer Voyager Innovations (Voyager), through its financial technology arm PayMaya Philippines (PayMaya), is set to establish Maya Bank, a digital financial institution that would help accelerate inclusion.
Voyager confirmed it has obtained the approval of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) to operate Maya Bank.
Technology has impacted financial services in a multitude of ways. The digital transformation of the banking and financial sectors had accelerated substantially with Covid-19 as a result of the health requirements to control the effects of the pandemic, with technology transforming the landscape of financial services.
The evolution of technology has allowed fintech companies like Voyager to encroach on established markets through its financial technology arm PayMaya. On Monday, PayMaya announced that the BSP had approved their digital bank unit called Maya Bank.
Manuel V. Pangilinan, chair of PLDT, Voyager and PayMaya, commented “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.”
“The Philippines are at the cusp of digital transformation, and over the recent years, PayMaya has led the charge in accelerating financial inclusion across consumers and enterprises. Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments. We are truly honored by the trust placed on us by the BSP for our digital banking endeavor,” Added Orlando Vea, Voyager and PayMaya CEO-founder.
Maya 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, the largest non-bank merchant payments processing business.
Maya Bank’s primary focus will be the largely unbanked and underserved population of consumers and micro, small, and medium-sized enterprises with the digital banking license. It also intends to promote digital financial services among the youth, women, senior citizens and other underbanked segments.
The BSP had announced it would limit the digital bank licenses to seven, with six now granted, including that of Maya Bank.
The window for submitting applications from new entrants, including converting banks, closed last 31 August.
Voyager and PayMaya President Shailesh Baidwan expressed excitement working “with the BSP to leapfrog the Philippine 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.”
with Maria Romero