PayMaya recognized as one of BSP's Outstanding Partner in bringing digital financial services to Filipinos

Published August 1, 2021, 9:19 AM

by MB Technews

The Bangko Sentral ng Pilipinas recognized PayMaya as an Outstanding Partner at the recently held 2021 Outstanding BSP Stakeholders’ Appreciation Ceremony, themed “Pagpupugay at Pagkilala…sa Gitna ng Hamon ng Pandemya.”

PayMaya Founder and CEO Orlando Vea holds BSP’s special token given to this year’s Outstanding Partners—an art plate called “Buhay Filipino” by one of the major post-war Philippine modernist artists Hugo Yonzon, Jr.

“We give recognition to you, our partners, who have gone beyond the call of duty in the name of service at the height of the global health crisis… As we gear up toward recovery, we are also building the foundation of the ‘New Economy’ through digitalization and financial inclusion. Financial technology makes transactions easier and faster, which in turn, speeds up income. It also makes financial products and services accessible to a greater number of people, which in turn, enhances financial inclusion,” said BSP Governor Benjamin Diokno during his keynote address at the event.

For his part, Orlando B. Vea, PayMaya Founder and CEO, said: “We are truly honored to be recognized by the Bangko Sentral ng Pilipinas as one of its Outstanding Partners. Financial inclusion is our nation’s collective responsibility. At PayMaya, we support every effort to bring digital financial services to all Filipinos. We are grateful for this recognition.”

PayMaya has been a steadfast ally of the BSP in driving financial inclusion in the country by building an end-to-end digital ecosystem to enable all consumers, merchants, communities, and the government with cutting-edge financial technologies.

It has led the charge in broadening access to financial services to Filipinos through its PayMaya mobile wallet and Smart Padala by PayMaya remittance services. As of end-June 2021, it counts 38 million registered users under its consumer platforms or more than half of the adult population in the Philippines.

To close the loop for digital payments and encourage digital transactions, PayMaya is equipping businesses of all sizes, especially MSMEs, with inclusive payment solutions so they can accept digital payments from anyone, whether online or in-store. It is also the first financial technology company to adopt QR Ph, the national standard for merchant payments introduced by the BSP.

The fintech company also works with government agencies and Local Government Units (LGUs) to push for broader use of digital payments for fees and taxes and distribute financial assistance to citizen beneficiaries. It is also one of the financial services providers for the Social Amelioration Program distributed through the Department of Social Welfare and Development (DSWD).

Last year, PayMaya launched the LGU Embracing and Accelerating Digitalization (LEAD) Program to help local governments promote digital payments for their citizens, micro-entrepreneurs, and small businesses – down to the sari-sari store and palengke levels. Through virtual roadshows, PayMaya joins the BSP, the Department of Trade and Industry (DTI)), and other partners for financial education.

PayMaya has been promoting “digital bayanihan” under its Paymaya It Forward program to enable digital donations for various humanitarian organizations such as the Philippine Red Cross, UNICEF, Oxfam Pilipinas, UP PGH Medical Foundation, and Caritas Manila.