BIZ BUZZ: Maybank PH eyes digital banking license

Maybank Philippines is itching to join the digital banking scene.

During the launch of the new Maybank2u PH (M2U) mobile app last Wednesday, Patrick Dennis Solosa, OIC president and CEO, told Biz Buzz that the company is “seriously considering” getting one of the four new digital banking slots that will be up for grabs next year.

If the plan pushes through, Maybank—like other interested companies—has two options: either apply for a new digital banking permit or convert an existing bank’s license to that for virtual lenders.

Solosa said this is part of an ongoing discussion within Maybank as the company still weighs the pros and cons of getting a digital banking license. After all, virtual lenders must have no physical branches, although they may offer financial products and services through agents.

“If you go purely digital, then that means that we will have to lessen on the physical side. So I guess it will be really dependent on how receptive clients will be,” he said.

”So right now, our pulse has always been that the customer still needs physical branches—both for familiarity as well as security. So right now, we’re balancing that,” he added.