Senator and boxing vet Manny Pacquiao said he would launch an eponymous digital payment platform that will work around the world and with ambitions to connect Filipino businessmen to overseas clients.
Pac Pay from Pac Technologies will launch in early 2021, Pacquiao told the World Fintech Festival that was hosted in Manila on December 7 to 11. The new platform will connect Filipinos to "global influencers and millions of fans" around the world, he said.
The investment will deepen the 42-year-old sports legend's stake in fintech. He also recently launched his own cryptocurrency, Pac Coin. Pacquiao said Pac Pay would offer a rewards program that includes autographed merchandise, show tickets and donation credits to charities.
"Amid this pandemic, we have seen an incredible opportunity to adopt digital technology, including global digital payments. We entered the regional market with the intention of helping our businessmen grow. This will be beneficial to MSMEs and Pinoy customers," he said.
The cross-border platform will make monetary transactions especially easy for overseas Filipino workers, Pacquiao said. Pac Pay will also "incentivize" users.
The move comes after consumers and sellers alike began shifting more towards digital payments in 2020, a result of the quarantine. Bangko Sentral ng Pilipinas has noted a growing trend for digital banking starting 2017.