Maya Bank starts operations, offers products through rebranded app

MAYA BANK hopes at least a million of PayMaya Philippines’ 47-million strong customer base will tap its services following the e-wallet’s rebranding for the digital lender’s launch.

About six months after PayMaya was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP), Maya Bank was launched on Friday night alongside the rebrand of the PayMaya platform to Maya to include online banking services.

Prior to the launch of Maya Bank, PayMaya had more than 47 million users as of March.

“I really want one million [of PayMaya’s users] to love the product. I think that is something that we will really go after this year,” Maya Bank Angelo Madrid said in a news conference in Makati on Friday night at the launch event.

Aside from the app’s new look and inclusion of digital banking services alongside the e-wallet, cryptocurrency trading and microinvestments that were already available via PayMaya, the Maya brand will apply to PayMaya’s entire ecosystem. PayMaya Business will now be Maya Business, while Smart Padala agents will become the on-ground network of Maya Center.

“Over the past years, PayMaya has evolved to adapt to the ever-changing market needs of consumers and enterprises. We are leaping forward with a new experience by building the country’s all-in-one money platform under Maya,” PayMaya President and Maya Bank Co-founder and Board Director Shailesh Baidwan said.

Among Maya Bank’s initial products is Maya Credit, which will have a cap of P15,000 for clients, Mr. Madrid said.

“What’s good about the lending [product] is that it’s instant. You’ll just have to go through the verification process. It’s something you can be able to disburse to your wallet, which you can use for bills payment,” he said.