Just three months after its public launch, Maya Bank is off to a record-breaking start as it posted over 650,000 customers and P5 billion in deposit balance as of end-July 2022 – making it the fastest-growing digital bank in the Philippines.
The pioneering digital bank provides wider financial access to unbanked and underserved consumers and MSMEs via the all-in-one money app Maya.
Through the app, Maya Bank also introduced an 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 ban to offer credit to both consumers and MSMEs within the quarter of its public 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,” Orlando Vea, PayMaya Group CEO and Founder and Maya Bank Co-Founder, 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,” said Shailesh Baidwan, PayMaya Group President and Maya Bank Co-Founder.
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 is also the fastest digital bank in the Philippines to go to market, receiving its Certificate of Authority (COA) to operate just six months after securing the BSP Monetary Board’s approval to establish a digital bank in September 2021. It launched its services to the public on April 29, 2022.
“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,” said Angelo Madrid, Maya Bank President.
