PayMaya has secured a digital bank license from the Bangko Sentral ng Pilipinas, its parent firm PLDT said on Monday.
PLDT’s fintech unit, Voyager Innovations, which operates PayMaya said the new digital bank will be called Maya Bank.
The company said it will leverage PayMaya’s successful track record of accelerating financial inclusion in the country.
“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),” PLDT said in its disclosure to the stock market.
The company said it also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments.
“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments,” said PayMaya CEO Founder Orlando Vea.
The BSP had earlier announced that it pause accepting new applications for digital bank licenses on Aug.31, effectively limiting the entrants to the new banking category to just 7.
Maya Bank, would be the sixth entity to be recognized as a digital bank.
The 5 other digital banks are the state-owned OF Bank, the Singapore-based Tonik Bank, UNObank, UnionBank’s UnionDigital Bank, and the Gokongwei-backed GoTyme.
Other banks in the Philippines however are also offering no-branch app-based services, like CIMB Bank Philippines and ING Bank.
“Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services,” said Manuel Pangilinan, Chairman of PLDT, Voyager and PayMaya.
“Maya Bank and PayMaya, we will provide a powerhouse suite of intuitive, transparent, and readily accessible digital financial services relevant to Filipinos, in support of the country’s financial inclusion goals,” said Shailesh Baidwan, Voyager and PayMaya President.