Maya Bank ready to take off

MANILA, Philippines — Maya Bank Inc. is ready to hit the ground running after obtaining a certificate of authority to operate from the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Benjamin Diokno has signed Maya Bank’s certificate of authority to operate as a digital bank on March 4.

BSP Deputy Governor Chuchi Fonacier said Maya Bank started its operations as a digital bank on March 14.

Fonacier said the Monetary Board issued Resolution 1229 approving Maya Bank’s application to establish a digital bank on Sept. 16, 2021.

She said the bank was registered with the Securities and Exchange Commission (SEC) in Nov. 17 last year.

Shailesh Baidwan, co-founder and board of director of Maya Bank and president of PayMaya, said the group is extremely excited to see Maya Bank take off.

“We expect it to do so with our brand of trailblazing innovation and agility. Together with PayMaya, we will unlock our unique ecosystem beyond payments as we accelerate our mission of digital finance for all Filipinos,” Baidwan said

Maya Bank president and CEO Angelo Madrid thanked the BSP for the continued trust and support.

“We thank the BSP for the trust and support as we work on bringing the next generation of digital banking services to Filipinos. We’re now pilot-testing our consumer and enterprise digital banking products, which we will introduce to the public in the near future,” Madrid said.

Maya Bank is expected to expand PayMaya’s ecosystem with innovative services that are accessible, affordable, and relevant to Filipino consumers and enterprises. It intends to leverage PayMaya’s successful track record of being at the forefront of financial innovation in accelerating financial inclusion in the country.

The BSP has imposed a three-year moratorium on the grant of licenses to new digital banks to closely monitor the industry’s performance and contribution to the country’s financial inclusion goals, as well as impact on the banking system.