#Novi

PayMaya and Facebook's Novi are now included in the Bangko Sentral ng Pilipinas' (BSP) list of Virtual Asset Service Providers (VASPs). Both PayMaya and Novi are now among the 18 institutions with BSP's license as VASP as of December 31, 2021. In October 2021, Facebook announced the 'Novi' digital currency wallet, aiming to help people send and receive money abroad instantly. Facebook is starting to roll out a small pilot of the Novi digital wallet app in Guatemala and the United States. Novi is a digital wallet that aims to help people send and receive money abroad instantly. Novi uses digital currencies that make sending money as easy as sending a message, starting with USDP (Pax Dollar). During its pilot, Novi will enable people to send and receive money using USDP through partnerships with Paxos and Coinbase. However, the company also intends to migrate Novi to the Diem payment network once it receives regulatory approval. Read more in our articles including "PayMaya, Facebook's Novi now hold BSP license as Virtual Asset Service Providers" and "Facebook announces 'Novi' digital currency wallet".