As PayMaya continues to expand its services beyond being an eWallet platform, the Fintech app was recently given the green light by BSP’s Monetary Board to establish a digital bank.
Called Maya Bank, the new platform will further strengthen PayMaya’s goal of accelerating financial inclusion in the Philippines. Maya Bank’s main focus will primarily be the unbanked and underserved population of consumers and MSMEs, along with promoting digital financial services among the youth, women, senior citizens, and other underbanked segments. The digital bank will make use of PayMaya’s extensive Smart Padala agent network and leading merchant payments processing business in order to serve more customers.
BSP’s approval of Maya Bank makes it the sixth digital bank in the Philippines to be granted a license to operate. Other digital banks that received a digital banking license include Tonik Bank, UNOBank, UnionDigitalBank, and GoTyme. In addition to them, CIMB Bank Philippines and ING Bank offer no-branch app-based services.
“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,” PayMaya CEO and Co-Founder Orlando Vea said in a press statement.
PayMaya parent company Voyager raised $167 million in June 2021 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 Maya Bank.