Popular Philippines-based digital services platform PayMaya has rebranded to simply Maya. The corporate rebrand cuts across more than its name as the online platform is debuting new services to boot.
Local news outlet Manila Bulletin reported that the name change is part of the launch of its licensed digital lending platform, Maya Bank. A new mobile app was also launched as part of the rebrand.
The app, named Maya, is described as an all-in-one money app that integrates the platform’s Maya Bank services with the e-wallet services PayMaya offers. The integration allows users to access features like digital currency investing, micro-investments, and insurance from one place.
Maya Bank will also allow users to open a high-yield savings account with a 6% interest rate. During the launch, several key figures at the company commented on the significance of the rebrand.
According to Orlando B. Vea, the founder and CEO of PayMaya and now co-founder and board member of Maya, the rebranding will benefit all Filipinos. He noted that the new app will revolutionize how Filipinos manage their money.
For his part, Shailesh Baidwan, PayMaya’s president and Maya Bank co-founder and board director, said that the app is a leap forward for the company and will help it attract the new generation of digital-first customers.
“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,” said Baidwan.
This rebranding is coming after Voyager, the platform’s parent company, recently clinched unicorn status following a $210 million funding round at a $1.4 billion valuation. The round was led by SIG Venture Capital and Susquehanna International Group. Singapore’s EDBI and First Pacific Company, as well as China’s Tencent, also participated in the funding round.
Digital currency firms stepping up in the Philippines
Voyager has not been the only company leading the Philippines’ digital currency industry to break new grounds. Forbes recently reported that the Philippines Digital Assets Exchange (PDAX) raised more than $50 million in a funding round led by Tiger Global Management.
The companies in the space have been playing their part to drive more financial inclusion among Filipinos. Similarly, the country’s banking sector has become more receptive to the industry. In January, the UnionBank of the Philippines said it would be rolling out digital assets services in the country.
The bank plans to offer digital currency trading and custodial services. It will also carry out massive education and sensitization of investors and regulators alike, the bank asserted.
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