Maya loan releases hit P47 billion
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MANILA, Philippines — Maya Bank has provided a P47-billion loan to over a million borrowers as of end-June, with 59 percent of its client base taking a bank loan for the first time through the digital lender.
In a media release, Maya Bank said its total loan disbursements reached P47 billion since its launch in April 2022, expanding unsecured credit disbursement to borrowers.
“Maya revolutionized unsecured lending by creating an AI-driven credit scoring model that uses payments and other alternative data, allowing it to lend profitably with speed and at scale,” the bank said.
The bank also saw its deposit balance grow by 32 percent to P32.8 billion as of end-June. This, as Maya offers flexible deposit products, such as time deposit, that allow users to start small and build over time.
The digital lender also said it holds a 38-percent market share in deposit balances as of March, the highest share among digital banks in the country.
“Every day, we’re driven to make banking simple, intuitive, and useful for everyone. In just over two years, we’ve shown that digital banking with Maya is the fastest and easiest way to boost the financial health of Filipinos,” Shailesh Baidwan, Maya Group president and co-founder of Maya Bank, said.
Maya Bank offers a range of lending products designed to meet diverse needs. This includes personal loans with a credit limit of up to P250,000.
Last year, Maya disbursed over P22 billion in loans to consumers and enterprises. It holds the largest market share of 49 percent of digital payments processed with QR Ph.
Maya Bank is the digital banking arm of Voyager Innovations Inc. and is one of the six players in digital banking operating with a license from the Bangko Sentral ng Pilipinas.
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