New app aims to accelerate financial inclusion in PHL

The rebranding of Paymaya to Maya is seen as a “leap forward” to a new era in finance, as the app now houses “everything and a bank,” according to executives of the Filipino financial technology (fintech) unicorn.

Paymaya President and Maya Bank Co-founder Shailesh Baidwan said the group’s rebrand to Maya consolidates the financial services that Filipinos need for the new normal. From its roots as an e-wallet, the Maya app now houses facilities for crypto trading as well as digital banking.

“Over the past years, Paymaya has evolved to adapt to the everchanging market needs of consumers and enterprises. We are leaping forward with a new experience by building the country’s all-inone money platform under Maya. And today, we are introducing our new Maya app that combines the best of e-wallet, crypto, and digital banking,” he said.

For his part, Orlando B. Vea, Paymaya founder and CEO and Maya Bank Co-founder and Board Director, said the app, touted as “everything and a bank” will “revolutionize” the way Pinoys manage their finances.

“We are unleashing the power of financial technology to benefit all Filipinos. We are here to democratize digital financial services as you have never seen before,” he said.

A ll businesses under Paymaya are now branded with Maya, including its enterprise payments solutions vertical Maya Business (formerly Paymaya Business) as well as on-ground agents Maya Center (formerly Smart Padala).

The Maya app also houses the banking services of Paymaya, which received its digital bank license just a few months ago.

“The Maya brand represents the next stage of financial services in the Philippines. With Maya, we will accelerate financial inclusion in the country as we provide more Filipinos with meaningful products and services that will improve their access to savings and productive capital,” said Angelo Madrid, Maya Bank President.

Maya Bank offers financial tools such as savings, credit, as well as micro-investments.

“The experience of our customers is at the center of what we do, and we want them to have a personalized, secure, and convenient experience in managing their money. From now on, the Maya app is the only app anyone would need to save, spend, grow, and master their money,” Baidwan said.

Voyager Innovations Inc., the parent company of Paymaya and Maya Bank, recently closed its latest funding series to raise $210 million, bringing its valuation to nearly $1.4 billion.