Maya is the Philippines' most rapidly expanding online bank. - TeknoGadyet

Wednesday, September 21, 2022

Maya is the Philippines' most rapidly expanding online bank.

Maya is the Philippines' most rapidly expanding online bank.


Just three months after it opened to the public, Maya Bank is off to a record-setting start. As of the end of July 2022, it had more than 650,000 customers and a P5 billion deposit balance. This made it the fastest-growing digital bank in the Philippines.

Maya is the Philippines' most rapidly expanding online bank.
Maya is the Philippines' most rapidly expanding online bank.

Through the all-in-one money app Maya, the innovative digital bank makes it easier for MSMEs and underserved people to have bank accounts and more comprehensive financial access. Maya Bank also gave working capital loans to MSMEs through the app, starting with Maya Center agents. Qualified consumers could also get an instant credit of up to P15,000. So, in the first quarter, after it opened to the public, Maya was the only digital bank giving loans to consumers and MSMEs.

Orlando B. Vea, CEO, and Founder of PayMaya Group and Maya Bank Co-Founder said, "Our strong growth proves that the market wants an all-in-one money experience. We bring innovative financial services closer to consumers, businesses, and communities through our disruptive offerings, fearless marketing, and large ecosystem."

Shailesh Baidwan, president of PayMaya Group and co-founder of Maya Bank, said, "Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya. We are excited to introduce more game-changing digital banking innovations through our all-in-one money platform.

See Also: FREE Bitcoin whenever you pay with Maya! Plus, a chance to win Php1M worth of BTC!

With its integrated ecosystem strategy, Maya stands out among Philippine banks, e-wallets, and fintech companies. With the most extensive on-the-ground agent network, the most popular enterprise payment processing business, and the most popular consumer e-wallet app, Maya Centers (formerly Smart Padala) is the only fintech brand that covers all consumer and business categories (BSP).

Executing and expanding with digital speed

Maya Bank is the fastest digital bank in the Philippines to enter the market. It got its Certificate of Authority (COA) to operate less than six months after obtaining permission from the BSP Monetary Board to start a digital bank in September 2021. On April 29, 2022, it opened its doors to the public.

Angelo Madrid, president of Maya Bank, said, "This milestone shows our strong commitment to our country's financial inclusion goals, and we are happy with the market's overwhelmingly positive response." "We are executing and growing at the speed of digital."

The BSP gave licenses to six digital banks last year before a three-year ban on new applications for digital banks went into effect in August 2021. Only three digital banks, including Maya Bank, have opened to the public.

Solid growth needs all-in-one experience.

Maya's app for opening a deposit account has attracted a lot of young people because of its clever marketing and enticing incentives, as well as its high return interest rate, low entry barrier, and smooth experience.

Customers can sign up for a Maya wallet account and store money immediately without keeping a minimum balance. Maya is the best local banking software on the market because it is easy to use, and the app is up 99.94% of the time, which makes it convenient and reliable.

Customers can handle their transactions more easily with Maya's all-in-one money app. When they want to buy something, they can move money from their savings account to their e-wallet. If they're going to save more, they can quickly transfer money from their e-wallet to their savings account. Customers can also set up to five personal goals, each with a specific goal amount and deadline, which can help them better manage their money.

Maya has extended some of its high-value promotions, such as a 6% interest rate on Maya Savings up to Php5 million, free PESOnet transfers, and a free Maya Card, until September 30, 2022, to encourage more Filipinos to use the best digital banking experience. It also offers Personal Goals (up to Php1 million per goal) at a 6% interest rate until December 31, 2022.

The BSP thinks digital banks like Maya will make it easier for the country to reach its 2023 goals of getting 70% of adult Filipinos to use financial services and making 50% of all retail payments digital.

Maya Bank, Inc. is the company behind the Maya family of products, which includes the Maya all-in-one app, Maya Business, and Maya Center. It also helps consumers and businesses with their digital banking experiences. It has a license to operate as a BSP-regulated virtual bank, and deposits up to PHP500,000 per depositor are insured by the Philippine Deposit Insurance Corporation (PDIC).

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