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Philippine fintech Voyager raises $167m for digital banking push

Tencent-backed PayMaya operator says it has applied for online bank license

A shopper uses Voyager's PayMaya mobile wallet to make a purchase at an open-air market in the Philippines. (Photo courtesy of Voyager Innovations)

MANILA -- Philippine fintech company Voyager Innovations said on Monday it has raised $167 million from existing shareholders, including private equity giant KKR and China's Tencent Holdings, to fund its foray into digital banking.

The fresh capital will give the company behind the PayMaya mobile wallet additional firepower as competition heats up in the country's fintech sector, which has seen a boom in cashless transactions and the entry of branchless banks.

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