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Manny Pacquiao is making a formal entry into the Philippine financial sector with “Manny Pay,” a new payments application operating with a Bangko Sentral ng Pilipinas (BSP) licence.
This venture is a distinct shift from his past involvements in the unregulated Web3 space, which included a “Pac Token,” a partnership with the Shiba Inu Ecosystem, and an NFT project linked to the SEC-warned LodiCoin.
This new, regulated app is not just a consumer e-wallet. Powered by 7th Pillar Integration Systems Corp., Manny Pay handles payments from multiple sources, including credit cards, bank transfers, and other e-wallets, while reportedly offering lower fees.
Furthermore, the platform is heavily targeting the corporate market. The platform offers B2B services like “Mass Payout” and “Online Collections,” and relies on a key partnership with Prime Electric Holdings Inc. to streamline the utility’s bill payment system.
The app’s dual focus on B2B and consumer payments aims to find a foothold in the country’s competitive fintech market.
Featured image: Edited by Fintech News Philippines based on images by sohel tanwar via Freepik, Manny Pacquiao via Instagram and Manny Pay.