BSP Grants PayMaya A Digital Bank License
PAYMAYA – The Voyager Innovations was granted a digital bank license by Bangko Sentral ng Pilipinas (BSP).
Undeniably, even the essential companies, establishments, and businesses in the Philippines were affected by the COVID-19 pandemic. Although they are usually allowed to operate even under strict lockdown measures, there are really changes compared to their operation under a normal setting.
With regards to banks that must continue their services regardless of the situation, most banks operate under a skeletal system. Many banks also implemented changes to their operating hours and the staff and the executives and as well as the clients must observe the proper health protocols.
Since most banks are operating on a skeletal system, many of them made their services available online usually either through a website or an app. The current situation has also encouraged Bangko Sentral ng Pilipinas to consider the granting of digital bank license which undeniably fits the new normal now.
Based on a report on ABS-CBN News, Bangko Sentral ng Pilipinas recently granted a digital bank license to another entity – Voyager Innovations which runs the popular mobile app PayMaya.
PLDT, the parent company of Voyager Innovations, confirmed the good news. According to the telecommunication company, it targets services for the “unbanked and undeserved population of consumers and micro, small, and medium-sized enterprises (MsMEs)”.
Furthermore, PayMaya also targets to extend financial services to youths, women, senior citizens, and other unbanked groups. The new digital bank will be called “Maya Bank”.
The PayMaya is the sixth entity to have been granted a digital license by Bangko Sentral ng Pilipinas. The other banks given the digital license include OF Bank which is owned by the government, the Tonik Bank which is based in Singapore, UNOBank, GoTyme which is supported by Gokongwei’s company, and UnionDigital Bank by UnionBank.
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