Maya Bank Inc., the digital banking arm of Voyager Innovations, became the fastest-growing digital bank in the Philippines three months after its launch, as it posted over 650,000 customers and P5 billion in deposit balance as of end-July.
The pioneering digital bank provides wider financial access to unbanked and underserved consumers and micro, small and medium enterprises through the all-in-one money app Maya.
PayMaya Group chief executive and Maya Bank co-founder Orlando Vea said the strong growth validated the market and people’s preference for the digital bank.
“Through disruptive offerings, bold marketing, and our extensive ecosystem, we are bringing progressive financial services closer to consumers, enterprises, and communities,” Vea said.
Maya is the only financial technology brand serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business and the most extensive on-ground agent network, Maya Centers (formerly Smart Padala).
Maya’s crypto feature is backed by a Virtual Asset Services Provider license from the Bangko Sentral ng Pilipinas.
Maya Bank is also the fastest digital bank in the Philippines to go to market, receiving its certificate of authority to operate just six months after securing the BSP Monetary Board’s approval to establish a digital bank in September 2021.
It launched its services to the public on April 29, 2022.
The BSP last year granted licenses to six digital banks before a three-year moratorium for new digital bank applications took effect in August 2021. Only three digital banks publicly launched in the Philippines, including Maya Bank.
Maya primarily attracted young consumers to open a deposit account via the app with its fresh marketing and exciting offers combined with a high-yield interest rate, lower barrier to entry, and seamless experience.
The BSP expects digital banks such as Maya to help fast-track the country’s goals of transforming 50 percent of the total volume of retail payments to digital and expanding the financially included to 70 percent of Filipino adults by 2023.