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March 02, 2024

PLDT’s Maya Bank gets authority to operate from BSP

Maya Bank Inc. led by bankero Angelo Madrid has started commercial operations last March 14 after obtaining a certificate of authority to operate from the Bangko Sentral ng Pilipinas (BSP).

No less than BSP Governor Benjamin Diokno has signed the certificate of authority to operate of Maya Bank as a digital bank last March 4 that was issued last March 8.

It would be recalled the central bank’s Monetary Board issued Resolution No. 1229 approving the application for authority to establish a digital bank to Maya Bank in Sept. 16 last year.

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

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.

A three-year moratorium has been imposed by the regulator on the grant of licenses to new digital banks in the country to closely monitor the industry’s performance and contribution to the country’s financial inclusion goals as well as impact on the banking system.

Aside from Maya Bank, the BSP has granted digital licenses to five other entities including Overseas Filipino Bank owned by state-run Land Bank of the Philippines, Tonik Digital Bank, UNObank Inc., Aboitiz-led Union Digital Bank as well as GoTyme Bank of Gokongwei-led JG Summit Holdings and Tyme of South Africa.

To date, Maya Bank, Tonik, and OF Bank are operational and the remaining three are scheduled to launch their operations this year.

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