Maya Bank deposits reach P5 billion

MANILA, Philippines — Maya Bank Inc. recorded P5 billion in deposits just three months after its public launch, making it the fastest-growing digital bank in the Philippines.

The digital bank has over 650,000 customers as of end-July after it launched its operations last April 29, providing financial access to unbanked, as well as underserved consumers and micro, small and medium enterprises (MSMEs).

Orlando Vea, Maya Bank co-founder, said the 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,” Vea, who is also PayMaya Group CEO and founder, said.

Through the all-in-one money app Maya, the digital bank introduced an instant credit of up to P15,000 for eligible customers and working capital loans for 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.

Maya Bank co-founder and PayMaya Group president Shailesh Baidwan said Filipinos deserve reliable and seamless digital banking experiences.

“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,” Baidwan said.

Maya’s integrated ecosystem approach uniquely positions it among e-wallets, banks and fintech players in the Philippines. It is the only fintech brand serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Maya Centers (formerly Smart Padala).

Meanwhile, Maya’s crypto feature is backed by a Virtual Asset Services Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP).

Maya Bank president Angelo Madrid said the bank is executing and growing at the speed of digital.

“We are grateful for the overwhelmingly positive response from the market. This feat reflects our strong commitment towards our country’s financial inclusion goals,” Madrid said.

To encourage more Filipinos to enjoy the best digital banking experience, Maya has extended some of its high-value promos, including a six percent interest rate on Maya Savings of up to P5 million, free PESOnet transfers, and a free Maya Card, subject to eligibility.

It also offers a six-percent interest rate on personal goals, up to P1 million per goal, until Dec. 31, this year.