PayMaya finally got the approval of the Monetary Board of the Bangko Sentral ng Pilipinas to establish a digital bank- Maya Bank.
Maya Bank aimed to cater to unbanked and underserved population of consumers and micro, small, and medium-sized enterprises (MSMEs). It will also promote digital financial services among the youth, women, senior citizens, and other underbanked segments.
PayMaya and its to-be-established digital bank support BSP’s goals to digitize 50% of the total volume of retail payments and expand the financially-included to 70% of Filipino adults by 2023. PayMaya will lead to serving customers the mobile-first digital banking on the back of its e-wallet and proven technology platforms.