Maya is Philippines' Fastest-growing Digital Bank
Maya Bank is the fastest-growing digital bank in the Philippines, with over 650,000 customers and P5 billion (USD89 million*) in deposit balance just three months after its public launch.
The pioneering digital bank offers unbanked and underserved customers and MSMEs financial access through Maya. The Maya Bank introduced an instant credit of up to P15,000 for qualifying consumers and working capital loans for MSMEs, starting with Maya Center agents. Maya is the only digital bank to extend credit to 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," said Orlando B. Vea, PayMaya Group CEO and Founder and Maya Bank Co-Founder.
"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 makes it stand out among Philippine e-wallets, banks, and fintech companies. It's the only fintech brand providing consumers and enterprises with a consumer e-wallet app, the biggest enterprise payment processing business, and the largest on-ground agent network, Maya Centers (formerly Smart Padala). Maya's crypto functionality is backed by a VASPVirtual Asset Services Provider license from the Bangko Sentral ng Pilipinas.
Executing and growing at the speed of digital
Maya Bank is the Philippines' fastest digital bank to go to market, getting its Certificate of Authority (COA) within six months after BSP Monetary Board approval 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.
Last year, the BSP granted licenses to six digital banks before a three-year moratorium for new digital bank applications took effect in August 2021. To date, only three digital banks have publicly launched, and this includes Maya Bank.
All-in-one experience is key to solid growth
Maya has primarily attracted young people to open deposit accounts via the app with its creative marketing, attractive offers, high-yield interest rate, and seamless experience.
By registering a Maya wallet account and providing one valid ID, consumers can save instantly without a minimum amount. Maya's easy-to-use UI and 99.94% app uptime make it the best local banking app.
Maya's all-in-one money app simplifies transactions. When paying for goods, customers can shift money from their savings account to their e-wallet. They can easily move money from their e-wallet to their savings. Customers can select up to five personal goals with target amounts and deadlines to better manage their finances.
Maya has extended some of its high-value offers, including 6% interest on Maya Savings up to Php5 million, free PESOnet transfers, and a free Maya Card, until September 30, 2022. Personal Goals (up to Php1 million) earn 6% interest till Dec. 31, 2022.
The BSP expects digital banks such as Maya to help fast-track the country's goals of transforming 50% of the total volume of retail payments to digital and expanding the financially included to 70% of Filipino adults by 2023.
Maya Bank, Inc. powers the Maya family of products, including the Maya all-in-one app, Maya Business, and Maya Center. It's a BSP-licensed digital bank. PDIC insures up to P500,000 per depositor.
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