PayMaya is eyeing a test launch of its “crypto-ready” Maya Bank in late March.
PAYMAYA — The fintech company is eyeing a test launch of its “crypto-ready” digital bank Maya Bank in late March.
On Thursday, PayMaya president Shailesh Baidwan said that Maya Bank will start its test launch later this month, less than 6 months after it secured a digital banking license from Bangko Sentral ng Pilipinas.
Maya Bank secured its digital banking license from the central bank in September 2021 and is among the 6 licensed digital banks in the Philippines. Digital banks are designed to make onboarding cheaper and faster in order to help boost financial inclusion in the Philippines.
Baidwan told reporters in a briefing that they’re working towards the last stretches in order to be able to test-launch the bank by end-March.
According to Baidwan, the digital bank will offer credit, savings, insurance, as well as cryptocurrency investments. Baidwan also said that PayMaya has secured a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas as well.
PLDT chairman Manny Pangilinan, meanwhile, said that Maya Bank could become a significant part of PLDT’s digital arm Voyager Innovations.
“Maya Bank, I think that would be a game-changer for PayMaya itself. We anticipate it will be a serious component of the Voyager business,” Pangilinan said.
READ ALSO: PayMaya and Novi Hold BSP License As Virtual Asset Service Providers
PLDT earlier said that Voyager secured in June 2021 an investment from the IFC Financial Institutions Growth Fund, which is part of the World Bank Group for PayMaya’s expansion. Other Voyager shareholders include KKR, PLDT, and Tencent.
By the end of 2021, PayMaya said that it has reached a total of 44 million registered customers as the coronavirus pandemic accelerated the adoption of digital payments and e-commerce.
According to the BSP report released in October, at least 1 in 5 payments made is already digital so far.
Based on a report on ABS-CBN News, PayMaya’s upcoming rival GoTyme, the digital bank of the Gokongwei Group, is also eyeing to launch in the middle of this year.
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