Maya Bank led by bankero Angelo Madrid was officially launched, just over six months after it secured a digital banking license from the Bangko Sentral ng Pilipinas (BSP).
“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,” the bankero said.
Maya Bank powers all the digital bank services across the Maya app, Maya Business, and Maya Center.
For consumers, the new Maya app offers convenient features that make handling money easier and more rewarding with a high-yield savings account Maya Savings with a six percent introductory interest rate, the highest offered in the market to
Through Maya Credit – a virtual credit line that can easily be accessed in the Maya app – qualified Maya app users could borrow up to P15,000, while customers could buy, sell, and hold crypto for as low as P1 through Maya Crypto.
Via Maya Wallet, customers can send and receive money instantly, buy load and other digital assets, pay bills, and cash in for free at over 90,000 touchpoints nationwide.
PayMaya founder and CEO and Maya Bank Co-founder and Board Director Orlando Vea said the new digital bank unleashes the power of financial technology to benefit all Filipinos.
“We are here to democratize digital financial services as you have never seen before,” Vea said.
Over the past years, PayMaya president and Maya Bank co-founder Shailesh Baidwan said the company 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. And today, we are introducing our new Maya app that combines the best of e-wallet, crypto, and digital banking,” Baidwan said.
The launch of Maya comes at the heels of the recent US$210 million funding round of Voyager Innovations (Voyager), the mothership company of both PayMaya and Maya Bank. The recent fundraising propelled Voyager’s valuation to unicorn plus status.