IBPAP and Maya Team Up to Boost Financial Wellness for 1.9 Million IT-BPM Workers
The IT and Business Process Association of the Philippines (IBPAP) has officially joined forces with Maya to launch a landmark initiative aimed at providing nearly 1.9 million digital workers with better access to essential banking services and responsible credit.
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| Maya, IBPAP Partner to Boost Financial Health for 1.9M Digital Workers |
This strategic partnership, announced during Maya’s formal induction as an IBPAP member, focuses on empowering the country’s IT-BPM workforce—a sector that contributes 8% to the national GDP and generates over $40 billion in annual revenue.
Addressing the Credit Gap for Digital Natives
Despite being digitally savvy and earning steady incomes, many employees in the IT-BPM sector—most of whom are under 35—remain underserved by traditional banks. Legacy underwriting models and limited credit histories often prevent these professionals from securing formal credit products like credit cards.
The IBPAP-Maya collaboration aims to bridge this gap by:
- Promoting Disciplined Credit: Offering responsibly underwritten credit cards to help workers build formal financial footprints.
- Encouraging Savings: Providing easy access to high-yield savings products to improve long-term financial resilience.
- Reducing High-Cost Debt: Offering a secure alternative to informal or predatory lending options.
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Driving Industry Competitiveness
Jack Madrid, President and CEO of IBPAP, emphasized that financial health is a key driver for the industry. "By strengthening access to structured financial tools, we support retention, engagement, and long-term economic mobility within one of the country’s most important growth sectors," he stated.
Orlando B. Vea, Maya Group CEO and Founder, added that the initiative is about moving beyond basic access to "meaningful participation" in the financial system, opening doors for workers to invest in housing, mobility, and insurance.
Modernizing Business Operations
Beyond individual benefits, the partnership seeks to enhance the ease of doing business for IT-BPM firms. Maya and IBPAP are exploring ways to:
- Streamline Payroll: Modernizing disbursement and reimbursement workflows.
- Reduce Friction: Lowering the administrative burden for large, multi-site employers that operate 24/7.
- Leverage AI and Data: Utilizing Maya’s alternative data analytics and AI-powered underwriting to safely expand credit access.
This initiative aligns with the Bangko Sentral ng Pilipinas (BSP) goals for national financial inclusion and digital transformation. By integrating advanced payment rails with personal financial tools, Maya continues to solidify its position as the leading fintech ecosystem in the Philippines.