Retired boxing icon Manny Pacquiao is stepping into the formal Philippine financial technology space with the launch of Manny Pay.

The Bangko Sentral ng Pilipinas (BSP) has officially licensed this new payment application, granting it regulatory approval to operate within the country.

The introduction of a regulated financial product represents a major pivot from his past investments in the unregulated Web3 and cryptocurrency markets.

Previously, his digital asset ventures included the Pac Token, a partnership involving the Shiba Inu ecosystem, and a non-fungible token (NFT) project tied to LodiCoin, which drew a public warning from the Securities and Exchange Commission (SEC), as reported by BitPinas.

The Philippine Star reports that technology partner 7th Pillar Integration Systems Corp. built the app to provide capabilities extending far beyond a standard consumer e-wallet.

Users of the app can fund and process payments across various methods.

The company is also said to have partnered with Prime Electric Holdings Inc. in order to use the app across its distribution network.

Featured image: Edited by Fintech News Philippines based on images by sohel tanwar via Freepik, Manny Pacquiao via Instagram and Manny Pay.