Maya One of the Best Unicorns in Southeast Asia by a Silicon Valley Forum
Southeast Asian investors, academics, and tech unicorns gathered at a conference hosted by the University of San Francisco's Center for Business Studies and Innovation in Asia-Pacific and the Georgia Tech Scheller College of Business–Center for International Business Education and Research (CIBER).
Singaporean Insurtech bolttech, Indonesian pediatric health platform Primaku, and Thai blockchain and cryptocurrency firm Bitkub Capital joined Maya.
At the conference, Maya Group Chief Product Officer Mitch Padua described how the company expanded beyond payments to become the fastest-growing digital bank in order to meet the demand for more innovative financial services among Filipinos.
According to the Bangko Sentral ng Pilipinas, the percentage of Filipino adults with a financial account will increase from 29% in 2019 to 56% in 2021. However, only 37% of adults have savings, and 4% of Filipinos with loans borrowed from a bank (BSP).
Singaporean Insurtech bolttech, Indonesian pediatric health platform Primaku, and Thai blockchain and cryptocurrency firm Bitkub Capital joined Maya.
At the conference, Maya Group Chief Product Officer Mitch Padua described how the company expanded beyond payments to become the fastest-growing digital bank in order to meet the demand for more innovative financial services among Filipinos.
According to the Bangko Sentral ng Pilipinas, the percentage of Filipino adults with a financial account will increase from 29% in 2019 to 56% in 2021. However, only 37% of adults have savings, and 4% of Filipinos with loans borrowed from a bank (BSP).
"Because of this, our app is the only one of its kind that allows consumers to spend, save, borrow, and grow their money. Padua stated, "We are capitalizing on our largest merchant-acquiring business, largest on-ground MSME network, and now, the fastest-growing digital bank in the Philippines."
Maya has 52 million registered users across its consumer platforms and over 810,000 registered merchant touchpoints as of the end of September 2022. Five months following its April 2022 opening, Maya reported one million new bank customers and a record P10 billion in deposits.
Maya's comprehensive financial services approach has earned the trust and confidence of globally renowned investors in the technology and financial services industries. Its shareholders include PLDT, KKR, the IFC Emerging Asia Fund, the IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, and First Pacific Company Ltd.
Maya, through its parent company Voyager Innovations, became a tech unicorn in April 2022, resulting in a significant increase in venture capital investment in the Philippines. According to the Google, Temasek, and Bain Southeast Asia e-Conomy 2022 report, the Philippines, along with Vietnam and Indonesia, is most likely to attract additional investors in the future.
"Maya has evolved into a compelling growth story for the Philippines and Southeast Asia as a whole. Our world-class talent pool, digital-first culture, fully digital operations, data-driven processes, secure and trustworthy technology, and strong business ties are the foundation of our robust and distinctive ecosystem," Padua explained.
Padua stated that Maya would continue to focus on providing customers with unparalleled value through technological innovations. With the fast development of digital adoption, there will be a shift toward deeper engagement through innovative financial services such as savings, credit, and investment.
In addition, the company continues to expand its merchant base equipped with QR Ph, the BSP-mandated national standard for QR payments, and its network of Maya Centers to reach underserved and unbanked individuals.
Maya has 52 million registered users across its consumer platforms and over 810,000 registered merchant touchpoints as of the end of September 2022. Five months following its April 2022 opening, Maya reported one million new bank customers and a record P10 billion in deposits.
Maya's comprehensive financial services approach has earned the trust and confidence of globally renowned investors in the technology and financial services industries. Its shareholders include PLDT, KKR, the IFC Emerging Asia Fund, the IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, and First Pacific Company Ltd.
Maya, through its parent company Voyager Innovations, became a tech unicorn in April 2022, resulting in a significant increase in venture capital investment in the Philippines. According to the Google, Temasek, and Bain Southeast Asia e-Conomy 2022 report, the Philippines, along with Vietnam and Indonesia, is most likely to attract additional investors in the future.
"Maya has evolved into a compelling growth story for the Philippines and Southeast Asia as a whole. Our world-class talent pool, digital-first culture, fully digital operations, data-driven processes, secure and trustworthy technology, and strong business ties are the foundation of our robust and distinctive ecosystem," Padua explained.
Padua stated that Maya would continue to focus on providing customers with unparalleled value through technological innovations. With the fast development of digital adoption, there will be a shift toward deeper engagement through innovative financial services such as savings, credit, and investment.
In addition, the company continues to expand its merchant base equipped with QR Ph, the BSP-mandated national standard for QR payments, and its network of Maya Centers to reach underserved and unbanked individuals.
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