As the topic for financial inclusion has been ramping up in the country and has the full support from Bangko Sentral ng Pilipinas (BSP), Philippine fintech Voyager Innovations announced on Monday that it has raised $167 million from existing shareholders, including private equity giant KKR and China's Tencent Holdings, to enter neo-banking services.
This is another milestone for the company behind the PayMaya mobile wallet which is already expanding its services in cashless and contactless transactions. Their entry to digital banking services will fire up the fintech sector and will boost financial inclusion to low-income and the underserved communities.
Voyager Innovations has already applied for a bank license and aims to serve around two-thirds of the country’s population who have no banking presence. The company will offer credit, insurance, savings, and investment services, capitalizing on PayMaya's technology platform.
"As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services. Our goal is to continue making lives better for millions of underserved people and small businesses, with cutting edge solutions that are affordable and relevant, " said Voyager President Shailesh Baidwan.
Traditional banks have already jumped into online banking services, and it made it easier for customers to put up a bank account through mobile app platforms. Transactions like depositing, fund transfer, and other online payment through banks have been one of the major activities during the pandemic. Digitalization of the financial system has created an impact on the economy.
With this latest announcement, more Filipinos will benefit and will be enabled to, with relevant digital financial services.