cashless payments

PayMaya gets digital bank license

Ralf Rivas
PayMaya gets digital bank license
PayMaya's digital bank will be called Maya Bank. It will focus on unbanked consumers and MSMEs.

PayMaya has obtained approval from the Bangko Sentral ng Pilipinas (BSP) to set up a digital bank, the company said on Monday, September 20.

PayMaya, a subsidiary of Pangilinan-led Voyager Innovations, said its digital bank will be called Maya Bank.

It will focus primarily on largely unbanked consumers, as well as micro, small, and medium enterprises.

The company also said it aims to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.

“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments,” said PayMaya chief executive officer Orlando Vea.

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The BSP earlier limited digital bank licenses to seven, with six now granted, including Maya Bank’s.

The other digital banks are UNObank, UnionDigital Bank, GOtyme, Overseas Filipino Bank, and Tonik Bank.

“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 Manny Pangilinan, chairman of PLDT, Voyager, and PayMaya. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.