PayMaya has obtained the BSP approval to set up a digital bank.
Voyager Innovations has obtained the Bangko Sentral ng Pilipinas (BSP) approval to set up a digital bank through its financial technology arm PayMaya Philippines.
Manila Bulletin reported that Paymaya’s digital bank Maya Bank was currently the 6th out of seven to be BSP-licensed and will focus on the underserved and unbanked population of consumers and MSMEs (micro, small, and medium-sized enterprises).
In addition, Maya Bank intended to promote digital financial services among the youth, senior citizens, women, and other underbanked segments.
Manuel V. Pangilinan, the chairman of PLDT, Voyager, and PayMaya, said that Paymaya’s digital bank will be a “key vehicle in hastening digital adoption” among Filipinos through inclusive financial services.
In June 2021, Voyager Innovations raised an additional USD 167 million in order to accelerate the growth of PayMaya’s digital payments business and expand to new and inclusive products, such as insurance, credit, investments, and savings, through the soon-to-be-established digital bank.
Based on the report, PayMaya’s total registered users increased by more than twice since the start of last year to 40 million as of August 2021.
BSP Deputy Governor Chuchi G. Fonacier, meanwhile, said that the country’s 7th digital bank had changed its application with the central bank and may face delays in approval.
According to Fonacier, the 7th digital bank, which was an existing bank applying to convert into a digital bank, had revised a detail in its proposed digital banking unit.
“(It’s) not yet approved. There might be a change of plans for the proponent. (The) BSP is waiting for their confirmation,” Fonacier said.
The Bangko Sentral ng Pilipinas imposed a limit of only 7 banks for the digital banking space. BSP limited the number of digital banks to just 7 in order to enable them to closely monitor and to develop expertise in the supervision of digital banks.
However, BSP Governor Benjamin Diokno said that they’ll lift the moratorium on digital bank license applications if they have assessed a need for additional digital banks. Diokno added that 7 was enough digital banks for the Philippine market for now.
6 digital bank licenses were granted to the following:
- Tonik Bank of Singapore;
- Overseas Filipino Bank of Landbank;
- UnionDigital of UnionBank;
- UNObank of Singapore;
- GOtyme of Robinsons Bank;
- Maya Bank, owned by PayMaya of the PLDT Group.