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The digital age is upon us. With innovations and new technology seemingly emerging every day, industry giants are constantly looking to stay ahead of the pack. As one of the Philippines’ visionary leaders, business titan Manuel V. Pangilinan (MVP) has been at the forefront of this digital transformation, consequently becoming a significant contributor to the country’s digital economy.

Renowned for his unrivaled business acumen, Mr. Pangilinan is the CEO and president of some of the Philippines’ leading brands including Metro Pacific Investments Corp., Manila Electric Company (Meralco); and the country’s premier telecommunications company, PLDT, Inc.

Through the telco giant’s wireless communications and digital services subsidiary, Smart Communications, Inc., MVP became one of the pillars of the country’s digital economy with Smart e-Money, Inc.’s (SMI) solution, which is the world’s first and most innovative card linked to a Smart wireless phone.

For over 15 years, SMI provided mobile banking and electronic payment solutions to millions of Filipinos and even received numerous international awards. However, in January 2016, PLDT’s digital innovations unit, Voyager Innovations, in a joint venture with Berlin-based Internet company Rocket Internet SE, rebranded the service to PayMaya.

True to their mission to empower the first wave of the digital generation, PayMaya provided mobile-first payment solutions in addition to SMI’s existing mobile money services that target a young, tech-savvy, yet underbanked market segment. The e-wallet gave more than 41 million Filipinos access to financial services through its consumer platforms and its Smart Padala network of over 60,000 partner agent touchpoints served as last-mile digital financial hubs in rural communities.

After raising $210 million in an investment round in 2022, Voyager boosted its valuation to “unicorn plus status” and used the funds to rebrand PayMaya into Maya and subsequently launched Maya Bank.

With over 50 million registered users as of June 2022, “the all-in-one money app for every Filipino” stands as one of the country’s largest e-wallets, offering a wide range of financial services including online payments, money transfers, and bill payments, making it an essential tool for everyday transactions for millions of Filipinos.

“We’re significantly changing financial services for Filipinos. A key value we’re providing is easier access. In an instant, you can have an interest earning financial account. All you need to do is register to the Maya app and upgrade your account with just one government ID. You can open a savings account with just P1 and there is no maintaining balance,” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said in an interview with BusinessWorld back in 2022.

Currently, Maya Bank is dominant in the digital banking space, accounting for a 61% market share, according to reports. The online bank also saw its deposits grow by 24% year on year to P32 billion at end-May as its depositor base also expanded by 74% to 3.7 million compared to May last year.

“Digital banking is empowering more Filipinos with accessible tools to better manage their finances. It is incredibly rewarding to see how we are helping people, especially those with limited funds, develop strong and sustainable savings habits,” Mr. Baidwan said.

Aside from Maya, Voyager Innovations has also designed, developed, and deployed applications and technologies that have uplifted living standards, leveled playing fields and introduced tools that have allowed millions to participate in the new digital economy and society.

Photo from www.mpic.com.ph

Co-founded by Mr. Pangilinan, along with former Smart CEO Orlando B. Vea in 2013, the company has made several innovations that have helped millions of Filipinos navigate the digital economy. One example is its financial technology arm FINTQnologies Corp. (FinTQ).

Founded also in 2013, FinTQ was once “the biggest fintech firm operating in the Philippines” with a string of digital partnerships with banks and non-banking institutions. The company’s mission is to make financial services and banking simple, convenient, and secure while promoting greater financial inclusion through mobile phone applications.

Among the firm’s various products is its pioneering and award-winning digital lending platform, Lendr. The online lending site grants the unbanked segments of the population a new financing channel that provides banking products and services. FinTQ’s application boasts a comprehensive digital presence, spanning all 81 provinces, 90% of the 145 cities, and 15% of the 1,490 municipalities in the country.

Another offering from FinTQ is Pera Agad. The micro-lending company offers a variety of loan products with flexible repayment options to help their customers manage their loan repayments. Launched in 2017, Pera Agad was made possible through a partnership with fintech and lending company Cash Credit in order to provide an accessible alternative for financially excluded individuals.

LockByMobile, the first mobile-based, anti-fraud security service in the world, is another product by FinTQ launched in 2015. The application offered its users the ability to “lock” and “unlock” their ATM, prepaid, debit, and credit cards with the use of their smartphones. The mobile service won the Best of FinTech award during the Finovate Europe 2015 in London along with various other accolades from international award-giving bodies.

FinTQ’s extensive list of other products includes Charge2Phone, the country’s first sticker-based innovative card feature that allows contactless payments; LANDBANK Mobile Loansaver, a fully paperless and electronic salary loan that provides LANDBANK customers with an alternative source of financing; ROVE which enables government and humanitarian aid agencies with electronic disbursements of cash grants to beneficiaries; and PISO sa Kinabukasan, an initiative that provides micro-savings and personal accident insurance for public schoolchildren.

In 2015, Mr. Pangilinan also invested in an online marketplace called “Takatack.” While the e-commerce platform did sign off in 2018, it was considered the “biggest online marketplace in the Philippines” during its peak featuring products from different sites like Zalora, Galleon, Philux, and Vamos.

MVP’s pioneering vision of mobile transactions has transformed the Philippines into a country ready to adapt to the modern world. Through his various ventures in e-commerce, e-wallets, online banking, and fintech, Mr. Pangilinan has not only pushed efforts to enhance lives of millions of Filipinos and to contribute to the digital economy, but he has also steered the country to a more connected and financially empowered digital future. — Jomarc Angelo M. Corpuz

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