(Update April 5, 2022) PayMaya Crypto Function is Now Live!
President Shailesh Baidwan of Maya Bank (a PayMaya affiliate digital bank) announced yesterday, March 4, that it will begin its test launch later this month. The launch aims to seize a larger share of the country’s vast “unbanked” segment and small to medium-sized businesses.
The launch is set to happen 6 months after it secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank, is among the 6 licensed digital banks in the Philippines; the other banks are Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital and GOtyme. (Read more: PLDT Secures Digital Banking License)
“We are working towards the last stretches to be able to test launch the bank by the end of the month,” Baidwan told reporters in a briefing.
Baidwan also noted that the digital bank will offer services for savings, credit, insurance, and even cryptocurrency investments. Regarding its crypto affiliation, PayMaya received its license as a Virtual Asset Service Providers (VASP) from the central bank last January. (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP)
In an exclusive interview with BitPinas, PayMaya revealed last December that their platform will be crypto-ready and crypto-friendly for their customers to use. (Read more: PayMaya to Put Crypto in App, Not Interested to Acquire VCEs Right Now)
“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,” – Manny Pangilinan, PLDT Inc. Chairman
In a statement, PLDT said that PayMaya will also work with them and their subsidiary’s (Smart telco) customers to promote a “seamless digital banking experience.”
However, Maya Bank, unlike traditional banking services, will operate and provide services without having a physical branch network since its business will be conducted through online means.
On the other hand, its upcoming digital banking rivals GoTyme the digital bank of the Gokongwei Group, and UnionDigital, the digital bank of UnionBank of the Philippines, are also eyeing to launch in the middle of 2022.
Digital banks, according to the BSP, is a new bank category separate from existing bank categories. It is a type of banking where banking services are delivered over the internet.
This article is published on BitPinas: PayMaya Parent Firm’s ‘Crypto-ready’ MayaBank Eyes Q1 Launch
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for crypto and beyond.