Voyager Innovations scores BSP approval for Maya digital bank

Voyager Innovations Inc. — which operates PayMaya Philippines — on Monday said it scored the approval of the central bank's Monetary Board to establish its digital bank to be known as Maya Bank.

In an emailed statement, Voyager said Maya Bank will provide mobile-first digital banking services leveraging on the e-wallet platform and agent network of PayMaya with 55,000 touchpoints.

“The digital transformation of our country is at the top of the PLDT group’s agenda, and this development is a big step forward for Voyager and PayMaya,” said Voyager chairman Manuel Pangilinan, who also serves as chair of PLDT and PayMaya.

“Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services.”

Voyager in June secured $167 million from its latest funding round, with proceeds earmarked to forward its financial inclusion efforts under PayMaya.

“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments. We are truly honored by the trust placed on us by the BSP for our digital banking endeavor,” Voyager and PayMaya Chief Executive Officer and Founder Orlando Vea said.

Shares in PLDT Inc., Voyager's parent firm, closed Monday up P38.00 or 2.58% at P1,510.00 from last Friday's finish of P1,472.00.

The Monetary Board in August decided to limit the number of the country’s digital banks to seven for the next three years, to allow the central bank to closely monitor the sector and its impact on the banking system before opening it up to more players.

The central bank approved the recognition of digital banks as a new bank category separate and distinct from other bank classifications in November 2020.

Digital banks are defined as banks that offer financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branches.

To qualify, banks must meet the minimum capitalization of P1 billion, and will have to follow all the fiduciary rules imposed on other bank categories.

Other digital banks that scored BSP approval are UNObank, UnionDigital Bank, GoTyme, the Overseas Filipino Bank, and Tonik Bank.  —KBK, GMA News