Voyager Innovations, through its financial technology arm PayMaya, announced that it had obtained the approval of the Monetary Board of the 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 services among the youth, women, senior citizens, and other underbanked segments.
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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.
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.
As a neo bank, Maya Bank will provide mobile-first digital banking services on the back of PayMaya’s widely trusted e-wallet and proven technology platforms. It will maximize PayMaya’s extensive Smart Padala agent network and leading merchant payments processing business to serve more customers and grow the digital financial ecosystem.
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