Voyager Innovations, through its financial technology arm PayMaya Philippines, announced on Monday, Sept. 20, that it had obtained the approval of the Bangko Sentral ng Pilipinas (BSP) to establish a digital bank.
The BSP said it is also boosting whole-of-government efforts to diversify the broadband market so that Filipinos across the country can have affordable Internet connectivity and digital financial services available to them.
BSP governor Benjamin E. Diokno said, however, that applications for digital banking licenses will resume after three years if warranted by the circumstances.
GOtyme, a joint venture between the Gokongwei Group and Singapore-headquartered digital banking group Tyme, is expected to launch in the second quarter of 2022.
The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players, according to the BSP.
Two Singapore-headquartered fintech companies – UNObank and Tonik – have received approval from the Bangko Sentral ng Pilipinas (BSP) to operate digital banks in the country.
The BSP said a turning point in the country’s digital transformation journey is the National QR Code Standard or QR PH, which leverages on the efficiency and affordability of the QR technology.
The Electronic Money Issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP) authorizes Bayad to deliver e-wallet services through its newly revamped mobile app.
