Maya Bank to launch in Q1 2022

·2 min read

PayMaya’s digital bank Maya Bank is set for launching in the first quarter of 2022.

The bank will be offering specialized lending and deposit products for the unbanked and underserved consumer and micro, small and medium enterprises (MSMEs) segments and expand the services for the Manny V. Pangilinan group of companies.

“The digital transformation of our country is at the top of the PLDT Group’s agenda,” said Pangilinan, chairman of PLDT, Voyager Innovations and PayMaya, “and establishing the digital bank is a huge step forward for Voyager and PayMaya. Maya Bank will be a key vehicle in hastening digital adoption among Filipinos through inclusive financial services.”

Pangilinan, during the virtual media briefing of PLDT’s 3rd Quarter Performance Thursday, Nov. 4, 2021, said Maya Bank will focus on credit-worthy customers of the MVP Group so it could establish a solid base moving forward.

Through its strong affiliation with PLDT and Smart, Maya Bank will promote a seamless digital banking experience among customers.

Maya Bank will be leveraging on PayMaya’s business with 4.1 million users and 1.2 million MSMEs in Paymaya’s ecosystem including Smart retailers.

“Driving relevant digital innovations, including extending the benefits of digital payments and e-commerce to more Filipinos, is part of our commitment to bring world-class services to our customers,” said Alfredo Panlilio, president and chief executive officer of PLDT and Smart.

“We have integrated financial services into our digital ecosystem by maximizing the synergies among PLDT, Smart and PayMaya. And that is just the beginning. We will eventually expand this to include other customers, including those we provide with home broadband,” he added.

Services of Maya Bank will be delivered digitally anytime and anywhere via the mobile app. It will offer short tenor, small ticket size sachet products and services such as micro loans. It will offer frictionless and seamless customer experience, such as instant digital account and automated repayment for loan.

The Bangko Sentral ng Pilipinas (BSP) granted a digital banking license to Maya Bank in September this year. The central bank approved six digital banking licenses in the first phase of the implementation of its digital banking framework.

Land Bank’s OF Bank, Tonik Bank, Union Digital, Uno Bank and GoTyme also secured digital banking licenses from the BSP before it closed the application stage last August.

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