PayMaya, one of the biggest e-wallet services in the Philippines, revealed that they would be entering the digital bank business soon.
Voyager Innovations, the company behind PayMaya, announced that they were able to raise USD167 million (around Php8.1 billion) in funding to help introduce digital banking, among the other financial services that they will also launch soon.
USD46 million (around Php2.2 billion) came from previously committed funds, while USD121 million (around Php5.9 billion) came from PLDT, KKR, Tencent, International Finance Group (IFC), and the IFC Emerging Asia Fund.
The new capital came from KKR and Tencent, existing PLDT shareholders, and IFC, which are new investors.
PayMaya said they have already applied for a digital bank license with the Bangko Sentral ng Pilipinas (BSP). The company added that the neobank would make its debut six months after the license is secured.
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The company is accessible in more than 250,000 touchpoints (convenience stores, etc.) that allow users to replenish their accounts. Voyager claims that it is seven times bigger than the ATM and bank branches in the country, making them more accessible.
This new development will allow PayMaya to keep its competitive stance against the two other prominent brands that offer similar services in the Philippines: GCash and Coins.ph.