PLDT and its wireless arm Smart Communications Inc. (Smart) 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 a payment source for their 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.
Fitch Solutions, the research arm of Fitch Group, said mobile operators are "key enablers" of fintech solutions and are at the forefront of the fintech market in the country.
"At Fitch Solutions, 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 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—benefiting from a first-mover advantage."
A year after its launch, the GigaLife App has registered at least 10 million users, driving data usage on Smart's network through app-exclusive data offers that have grown popular among customers.
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 via Smart Padala, and the largest non-bank enterprise payments processing business.
Most recently, the Bangko Sentral ng Pilipinas granted a digital banking license for Maya Bank. The digital bank's primary focus will be the largely unbanked and underserved consumers and MSMEs. It will leverage on PayMaya's successful track record and ready base of consumers and MSMEs, as well as its 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.
Fintech, digital payments, and e-commerce are just a few among the many parts of the digital ecosystem powered by PLDT's fiber infrastructure, the country's most extensive at more than 524,000 kilometers as of end-June, and Smart's mobile network, the country's fastest mobile and 5G network according to Ookla, which covers 96% of the population from Batanes to Tawi-Tawi.
