Following the announcement a few months ago, mobile wallet PayMaya has evolved into Maya and will start offering digital banking services. PayMaya (or Maya) is operated by Voyager Innovations, the fintech arm of Philippine integrated telco PLDT.
“The Maya brand represents the next stage of financial services in the Philippines,” said Angelo Madrid, president, Maya Bank. “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.”
To compete with other neobanks or digital banks, which offer high-interest rates, primarily because they have lower operational cost compared to legacy banks, new depositors of Maya Savings will get a 66% introductory interest rate. This initial offer is available until Aug. 31, 2022.
In September, PayMaya secured a digital banking license from the Bangko Sentral ng Pilipinas (central bank) and is one among the only six other banks to obtain a license.
Maya Bank will offer Maya Credit (up to P15,000), Maya Crypto, which it introduced a few weeks ago, and Maya Wallet. Soon-to-be launched is a goal-based saving feature to encourage more of its app users to save.
“Maya is all about challenging conventions and this translates into the experience we’re giving our users with this new all-in-one money app. With this transformation, we want to enable Filipinos to make bolder choices with their money and seize opportunities, big and small,” said Shailesh Baidwan, president of PayMaya, and co-Founder and board member of Maya Bank.