Stock Photo | Image Source: David Dvoracek on Unsplash
CEBU CITY, Philippines — Developers of electronic wallet (e-wallet) app PayMaya are targeting to launch its digital banking service Maya Bank next year.
During a virtual press briefing of PLDT’s 3rd Quarter Performance on November 4, the telco giant through its tech arm Voyager Innovations has announced that they are aiming to launch Maya Bank within the first quarter of 2022.
Maya Bank is part of PLDT and Smart’s aggressive push in providing digital financial services to Filipinos, said PLDT, Voyager Innovations, and PayMaya chairman Manuel Pangilinan.
“The digital transformation of our country is at the top of the PLDT Group’s agenda and establishing the digital bank is a huge step forward for Voyager and PayMaya,” said Pangilinan.
“Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services,” he added.
Executives from PLDT stated that Maya Bank’s primary focus included Micro, Small, and Medium-Sized Enterprise (MSME) players, and consumers not tapped by traditional banking services, and will eventually expand to subscribers of their home broadband.
“We have integrated financial services into our digital ecosystem by maximizing the synergies among PLDT, Smart, and PayMaya. And that is just the beginning. We will eventually expand this to include other customers, including those we provide with home broadband,” said Alfredo Panlilio, CEO and President of PLDT and Smart.
Maya Bank acquired its digital banking license from the Bangko Sentral ng Pilipinas (BSP) last September, effectively allowing it to proceed with its rollout.
Like traditional banks, some of their banking services included providing savings account and loans but without having a physical branch network since business is conducted online.
Meanwhile, PLDT and Smart reported that PayMaya continues to experience an increase in the number of users.
As of September, it welcomed over 41 million registered users. / with reports from the Philippine Daily Inquirer.
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