Voyager Innovations, the operator of digital wallet PayMaya, has announced that it raised $167 million to fast-track its digital financial services through PayMaya and its soon-to-be-established digital bank.
Bangko Sentral ng Pilipinas governor Benjamin Diokno said the central bank is putting a cap on the initial set of digital banking players as it wants to observe first the operations of these entities.
The Bangko Sentral ng Pilipinas (BSP) has approved the recognition of digital bank as a new bank category that is separate and distinct from existing bank classifications.
Regulatory policies on the establishment of digital banks are expected to be ready before the end of 2020, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said.
The state-owned digital-only Overseas Filipino Bank (OFBank) has registered about 300 account openings a day since its mobile app was launched last June 29, its president and chief executive officer Leila Martin said.
Singapore-headquartered online lending firm Robocash Group has announced it is now raising funds to finance the launch of its digital bank in the Philippines called “Una Bank” by September 2020.
Last May 8, Komo received approval from the BSP to launch its Digital Bank Services to the public. This marks the countdown to a product launch sometime in Q3 2020, according to EastWest.
