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.
Under the B-READY program, smart data is used for the community's early warning system. Even before a typhoon strikes, digital cash transfers are disbursed straight to the PayMaya accounts of identified beneficiaries, enabling them to better prepare.
With the PayMaya mobile wallet app, users can send money from the comfort of their homes to almost anyone in the Philippines through its Smart Padala agent network.
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.
The Bangko Sentral ng Pilipinas (BSP) officially launched on Friday, April 30, the national quick response (QR) code standard for consumer-to-business payments with PayMaya as the first financial technology firm in the country to adopt QR PH for merchants.
PayMaya is now allowing Filipinos overseas to use their Philippine mobile SIM on roaming to register for a PayMaya account, enabling them to perform transactions such as paying government dues or utility bills, as well as sending money to other PayMaya users, even while abroad.
PayMaya has signed an Information-Sharing Protocol (ISP) agreement with the Anti-Money Laundering Council (AMLC) to help the government in its efforts to prevent and combat financial crimes in the country.
