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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. 


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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






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