#Paymaya Digital Banking

Voyager Innovations has announced that it raised USD 167 million for PayMaya's expansion into digital banking to fast-track financial inclusion in the Philippines. As PayMaya has successfully grown its mobile wallet, payments processing, and digital remittance businesses, Voyager is now leveraging this unique ecosystem to expand into digital banking. Voyager will utilize the new funds to expand its PayMaya services and to continue enabling more unbanked and underserved individuals and MSMEs with new and inclusive products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank. Once granted a digital bank license by the BSP, the new entity will provide "mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services" on the back of PayMaya’s technology platforms. “We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences. This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service,” said Orlando B. On the other hand, the same rules are designed to make digital banking more predictable. Read more in our articles including "PayMaya expands into digital bank, to offer financial services" and "How new BSP rules are reshaping digital banking in the Philippines".