Maya Bank starts operations and offers products through a renowned application
MAYA BANK hopes that at least one million of PayMaya Philippines’ 47 million customers will leverage its services after the e-wallet is rebranded for the launch of the digital lender.
About six months after PayMaya was granted a digital banking license by Bangko Sentral ng Pilipinas (BSP), Maya Bank was launched on Friday evening alongside the rebranding of the PayMaya platform to Maya to include online banking services.
Prior to Maya Bank’s launch, PayMaya had over 47 million users in March.
“I really want a million [of PayMaya’s users] love the product. I think that’s something we’re really going to pursue this year,” Maya Bank Angelo Madrid said during a press conference in Makati on Friday night during the launch event.
Along with the app’s new look and inclusion of digital banking alongside e-wallet, cryptocurrency trading and micro-investments that were already available through PayMaya, the Maya branding will apply across the board. of the PayMaya ecosystem. PayMaya Business will now be Maya Business, while Smart Padala agents will become Maya Center’s field network.
“Over the past few years, PayMaya has evolved to adapt to the ever-changing market needs of consumers and businesses. We are leapfrogging with a new experience by building the country’s all-in-one money platform under Maya,” said Shailesh Baidwan, Chairman of PayMaya and Co-Founder and Board Director of Maya Bank.
Among Maya Bank’s initial products is Maya Credit, which will have a ceiling of 15,000 pesos for customers, Madrid said.
“What’s good about lending [product] is that it is instantaneous. You will only have to go through the verification process. It’s something you can put in your wallet, which you can use for bill payments,” he said.
Maya Credit is for general-purpose lending, Madrid said. He added that they are looking to manufacture speciIfc lending products, such as buy now, pay later, as they gather more information about their users’ needs.
The digital bank also wants to meet the credit needs of small businesses, Madrid said.
“We want to accelerate the success of our merchants and small businesses so they can… make us their partner in growing their businesses,” he said.
Meanwhile, the digital bank savings account offering called Maya Savings will offhad an initial deposit rate of 6% per annum, the highest in the market to date.
Users can also buy, sell and hold cryptocurrencies from P1 through the app’s Maya Crypto feature. Mr. Baidwan said they hoped it could help Filipinos discover and test their appetite for cryptocurrencies.
“We introduced it in an instant, intuitive way and they can log in with low balances. What we want is for people to start saving, to invest, but we also want to make sure that they do with some [crypto]currencies, and they do it in a way that they can do it with very small amounts,” Baidwan said.
Meanwhile, PayMaya’s e-wallet and bill payment features are now under Maya Wallet.
Voyager Innovations, Inc., owner of PayMaya and Maya Bank, in April raised an additional $210 million in its latest funding round to fund the launch of its digital lender.
Maya Bank is one of six entities that have been granted digital banking licenses by the BSP. The central bank has imposed a moratorium on the granting of online banking authorizations because it wants to ensure healthy competition between new players and monitor their development.
Digital banks, which offer their services through online platforms and are not required to set up physical branches, should help the BSP achieve its twin goals of ensuring that 50% of retail payments are made digitally and that 70% of adult Filipinos do part of the formal network. Iffinancial system by 2023.
PLDT, Inc. is Voyager’s largest shareholder. Hastings Holdings, Inc., a unit of MediaQuest Holdings, Inc., a subsidiary of PLDT Beneficial Trust Fund, owns a controlling interest in Business world through the Philippine Star Group, which he controls. — Noble LWT