PayMaya Philippines is venturing into the digital banking business after securing approval from the the Bangko Sentral ng Pilipinas (BSP) to establish a digital banking unit to be called Maya Bank.
With the digital banking license, Maya Bank will primarily serve the unbanked and underserved population of consumers and micro, small, and medium-sized enterprises (MSMEs).
“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 Manuel V. Pangilinan, chairman of PLDT, Voyager and PayMaya.
For his part, PayMaya president Shailesh Baidwan said they were “excited to work with the BSP to leapfrog the Philippine financial ecosystem by speedily developing and launching innovative digital banking services, especially for the underserved segments.
Last June, Voyager raised $167 million in funding to fund the expansion of PayMaya’s digital payments business.