Voyager’s PayMaya Bags Sixth Digital Bank License From BSPby Fintech News Philippines September 20, 2021
Bangko Sentral ng Pilipinas (BSP) has awarded the sixth digital banking license to Voyager Innovations (Voyager), through its financial technology arm PayMaya Philippines.
PayMaya had previously raised US$167 million from the likes of Philippines telecoms PLDT, global investment firm KKR, Chinese tech firm Tencent and IFC Asset Management Company in anticipation of the license.
The digital bank will be known as Maya Bank whose 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.
BSP has already approved the application of five digital banks, including two incumbent banks which have converted their existing licenses to a digital bank license.
The regulator had earlier announced that it would limit the digital bank licenses to seven, leaving just one up for grabs. The window for the submission of applications from new entrants, including converting banks, closed on 31st August this year.
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.
Manuel V. Pangilinan, Chairman of PLDT, Voyager and PayMaya said,
“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.”
Orlando B. Vea, CEO and Founder of Voyager and PayMaya said,
“The Philippines is 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.”