The Bangko Sentral ng Pilipinas (BSP) recently announced that it would issue licenses to four more digital banks, signaling a growing shift in the banking landscape. Amid this development, Maya Bank has reported significant growth, with deposit balances reaching P32.8 billion as of June 2024.
One of the key attractions for customers is Maya’s interest rates, which outpace those offered by traditional banks.
Maya Bank has also seen a substantial increase in its customer base, with the number of borrowers rising to 1.2 million and total bank customers reaching 4 million by mid-year. This growth is partly attributed to the company’s expansion in lending services, which have now turned cashflow positive in the second quarter of 2024.
Maya Bank is operated by Maya Innovations, which is backed by PLDT and global investment firms International Finance Corp., KKR, and Tencent.
So far, Maya Bank has disbursed loans totaling P46.8 billion as of June 2024. The bank expects continued growth in this area, supported by strategic partnerships such as device or gadget financing with PLDT and Smart, and loan channeling through the lending app Tala.
In addition to expanding its banking services, Maya continues to strengthen its role as a key player in the digital payments sector in the Philippines. The bank has maintained its position as a processor of payment transactions for credit and debit cards, as well as QRPH transactions, based on data from Visa and BancNet.