MANILA, Philippines, Oct. 27, 2021 /PRNewswire/ -- PLDT and its wireless arm Smart Communications Inc. are expanding and enhancing the digital ecosystem available to Filipinos through synergies with digital financial service firm PayMaya, the fintech arm of PLDT affiliate, Voyager Innovations.
"Driving financial inclusion by making digital payments and e-commerce accessible to our customers is part of our commitment to bring world-class services to more Filipinos," said Alfredo S. Panlilio, PLDT Inc. and Smart Communications President and CEO.
"We have integrated financial services into our digital ecosystem by maximizing the synergies between PLDT, Smart, and PayMaya. An example of this is how GigaPay ensures seamless transacting by allowing Smart and TNT customers to link their PayMaya wallet as payment source for purchases in the GigaLife App," he added. "That is just the beginning. We will eventually expand this to include other customers including those we provide with home broadband."
"PayMaya is a fintech company in the right place and time. With Maya Bank, we are moving forward beyond payments. We are crystalizing this huge fintech potential by embedding financial services in everyday transactions, including for PLDT and Smart's digital ecosystem," said Orlando B. Vea, CEO and founder of Voyager Innovations and PayMaya.
"We believe the fintech market in the Philippines is weighted slightly to the upside. Mobile operators are often key enablers of fintech solutions," Fitch Solutions, the research arm of Fitch Group said, adding that banking services offered by telcos like PLDT "have quickly capitalized on the country's large unbanked population and the shift in customer behavior accelerated by the pandemic."
A year after its launch, the GigaLife App has registered at least 10 million users, driving data usage on Smart's network through popular app-exclusive data offers.
PayMaya, meanwhile, is the only fintech company in PH operating an end-to-end digital financial services ecosystem with a widely used consumer e-wallet app, the most extensive on-ground agent network Smart Padala, and the largest non-bank enterprise payments processing business.
Recently, the Bangko Sentral ng Pilipinas granted a digital banking license for Maya Bank, whose focus will be unbanked and underserved consumers and MSMEs. It will leverage on PayMaya's track record, ready base of consumers and MSMEs, widest digital payments touchpoints and strong enterprise partnerships.
Through its strong affiliation with PLDT and Smart, Maya Bank will also be able to promote a seamless digital banking experience among customers.
