Maya Bank hits P5B in deposits, over 650,000 customers in three months

by: BusinessWorld


DIGITAL LENDER Maya Bank, Inc. recorded over 650,000 customers and P5 billion in deposit balances as of end-July, just three months after its launch.

“Our strong growth validates the market preference for an all-in-one money experience. Through disruptive offerings, bold marketing, and our extensive ecosystem, we are bringing progressive financial services closer to consumers, enterprises, and communities,” PayMaya Group CEO and Founder and Maya Bank Co-Founder Orlando B. Vea said in a statement on Wednesday.

“We are executing and growing at the speed of digital, and we are grateful for the overwhelmingly positive response from the market. This feat reflects our strong commitment towards our country’s financial inclusion goals,” Maya Bank President Angelo Madrid said.

Maya Bank was launched on April 29, about six months after it was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). The PayMaya Philippines platform was rebranded to Maya to include online banking services alongside e-wallet, cryptocurrency trading and micro-investments.

Mr. Madrid had said at the launch that they hope one million of PayMaya’s more than 47 million users as of March would become Maya Bank clients.

Maya Bank said it has attracted young consumers to open deposit accounts via its app as it offers high interest rates. By registering a Maya wallet account and providing a valid government ID, clients can save money without maintaining a minimum balance.

Its app also features a variety of services to allow users to manage their transactions and funds more seamlessly.

Through the Maya money app, Maya Bank also offers instant credit of up to P15,000 for eligible customers and working capital loans for micro, small, and medium enterprises (MSMEs), starting with Maya Center agents.

“This makes Maya the only digital bank to offer credit to both consumers and MSMEs within the quarter of its public launch,” the lender said.

“Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya. We are very excited to introduce more game-changing digital banking innovations through our all-in-one money platform,” PayMaya Group President and Maya Bank Co-Founder Shailesh Baidwan said.

Maya Bank is one of the six entities that were granted digital banking licenses by the BSP. The central bank has imposed a moratorium on the grant of online banking permits as it wants to ensure healthy competition among the new players and monitor their development.

Digital banks, which offer their services via online platforms and are not required to set up physical branches, are expected to help the BSP achieve its twin goals to have 50% of retail payments done digitally and 70% of adult Filipinos become part of the formal financial system by 2023.

PayMaya and Maya Bank are owned by Voyager Innovations, Inc. PLDT, Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — KBT

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