PayMaya to establish its digital bank

Monday 20 September 2021 11:01 CET | News

Voyager, through its financial technology arm PayMaya, has obtained the approval of the Monetary Board of the Bangko Sentral Pilipinas (BSP) to establish a digital bank.  

To be known as Maya Bank, the digital bank will leverage PayMaya’s financial technology company to operate an end-to-end FinServ (financial services) ecosystem with its e-wallet, an extensive on-ground digital remittance network through Smart Padala, and a non-bank merchant payments processing business.

With the digital banking licence, Maya Bank’s primary focus will be the unbanked and underserved population of consumers and micro, small, and medium-sized enterprises (MSMEs). According to the official press release, it also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digital banking, banks, banking licence, financial services, e-wallet
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Philippines
This article is part of category

Banking & Fintech