Maya Business honors Financial Inclusion Heroes

Published August 9, 2022, 5:56 PM

by MB Business

PayMaya and Maya Bank officers, led by PayMaya Philippines Group President and Maya Co-Founder, Shailesh Baidwan (10th from the left); PayMaya Philippines COO, Khurram Malik (11th from the left); and Maya Business Head, Mar Lazaro (9th from the left); recognized key partners that have championed Filipinos’ welfare through accessible financial services as Financial Inclusion Heroes in the recent Maya Business launch.

Maya Business is making big moves to help leapfrog millions of citizens, businesses, organizations, and government offices into more inclusive digital financial services.  

Formerly PayMaya Enterprise, the country’s largest digital payments processor for key industries, recently recognized trailblazing partners that have championed Filipinos’ welfare through accessible financial services. 

Recognized as Financial Inclusion Heroes, these organizations have proactively adopted digital solutions to empower their constituents by making everyday transactions more convenient and accessible. 

“Financial inclusion is at the heart of what we do. We are proud to honor outstanding partners who have led the charge in enabling more Filipinos to be financially included through innovative and relevant services,” said Orlando B. Vea, CEO-Founder of PayMaya and Co-Founder of Maya Bank.  

Maya Business is powered by the country’s only end-to-end digital payments company, PayMaya Philippines, and Maya Bank for digital banking services.

Maya recognized the Bangko Sentral ng Pilipinas as an Outstanding Partner for Financial Literacy, and the Department of Trade and Industry as an Outstanding Partner for Digital Commerce Promotion, in the Maya Business Launch. From left: PayMaya Philippines Group President and Maya Co-Founder, Shailesh Baidwan; DTI Assistant Secretary, Mary Jean Pacheco; BSP Deputy Governor, Bernadette Romulo-Puyat; BSP Deputy Governor, Chuchi Fonacier; PayMaya Founder-CEO and Maya Bank Co-Founder, Orlando B. Vea; BSP Governor, Felipe Medalla; DTI Secretary, Alfredo Pascual; Voyager and PayMaya Chairman and Maya Bank Chairman Emeritus, Manny V. Pangilinan; and Maya Bank President, Angelo Madrid. 

DTI and BSP: showing the way for financial inclusion

Leading the list of Maya Business Financial Inclusion Heroes are the Bangko Sentral ng Pilipinas (BSP) for spearheading the country’s digital payments transformation roadmap and the Department of Trade and Industry (DTI) for championing e-Commerce adoption across consumers and enterprises. 

Through progressive regulation and initiatives led by the BSP, the Philippines has made significant inroads in achieving the national target of financially including 70% of adult Filipinos by 2023. As of end-2021, more than 53% of adult Filipinos already have access to basic financial accounts. 

BSP Gov. Felipe Medalla called on the private sector to support the national financial inclusion goals during his keynote remarks at the Maya Business event. Joining him to receive the Financial Inclusion Hero award for the BSP are Deputy Governor, Chuchi Fonacier, Deputy Governor, Bernadette Puyat-Romulo, and Monetary Board Members, Anita Linda Aquino and Peter Favila. 

For the DTI, Secretary, Alfredo Pascual, and Assistant Secretary, Mary Jean Pacheco, accepted the recognition. In his keynote, Sec. Pascual said that “collaboration between industry and government is effective in promoting priority initiatives.” 

“We have accomplished much through our collaborations, and the successful outcome speaks for itself. Let us continue with our Ecommerce Roadmap 2023-2025 and assist large merchants and, more importantly, MSMEs in leapfrogging toward a cashless and inclusive fintech,” Pascual added.

Financial inclusion at the grassroots 

Brgy. Namayan of Mandaluyong City, one of this year’s awardees, exemplified how financial inclusion can empower communities. As the first-ever barangay-level “cash lite” community in the Philippines, Brgy. Namayan enabled its residents and workers to enjoy digital transactions with the help of Maya Business. 

The barangay equipped its residents with citizen ID cards linked to Maya accounts for everyday payment transactions in sari-sari stores, karinderiabulalohan, and other small merchants. Barangay workers, meanwhile, can safely receive their monthly allowances through their Maya-powered citizen ID cards.  

“Our collaboration with Maya becomes even more relevant now, given the need for safer contactless transactions. By encouraging cashless technologies in everyday transactions in our barangay, we are building a safer and more inclusive community,” said Brgy. Namayan Chairman, Victor Emmanuel Francisco Jr. 

Financial Inclusion Heroes across sectors

Maya Business feted partners who contributed significantly to promoting financial inclusion. Among these Financial Inclusion Heroes are:

  • Ease of Doing Business Champions – National Government Agencies: the Bureau of Internal Revenue (BIR), Department of Foreign Affairs (DFA), Professional Regulation Commission (PRC), Pag-IBIG, and Social Security System (SSS) for making it easier for citizens to pay civic fees through omnichannel payment acceptance 
  • Ease of Doing Business Champions- Local governments: Taguig City and Caloocan City for adopting an ecosystem approach for person and business to government payments and citizen disbursements
  • LGUs Embracing and Accelerating Digitalization (LEAD) program Champion: Department of Interior and Local Government for promoting e-payments adoption among local governments units (LGUs)
  • Agriculture: Development Bank of the Philippines for the joint efforts in promoting countryside development  
  • Education: the University of the Philippines System for adopting an all-in-one ID card with payment capabilities for their students and employees
  • Humanitarian: Oxfam Pilipinas for pioneering the use of cashless technology in disaster preparedness and emergency response via the Inclusive and Affordable Financial Facilities for Resilient and Developed Filipinos Project (iAFFORD) program
  • Social Welfare: Department of Social Welfare and Development for utilizing digital technologies in delivering pandemic cash assistance to citizens
  • Travel and Tourism: Philippine Airlines for helping grow the sector post-pandemic

“With our Maya Business partners, we are making big moves in driving digital financial services adoption across the length and breadth of the country,” said Shailesh Baidwan, Group President of PayMaya and co-founder of Maya Bank.  To know more about Maya Business, visit and follow @MayaBusinessPh on Facebook.