Maya Bank hits 1 million customers, P10-billion deposits five months after launch

Maya Bank hits 1 million customers, P10-billion deposits five months after launch

DIGITAL LENDER Maya Bank, Inc. has gained one million customers and recorded P10 billion in deposits just five months after its launch, it said in a statement on Tuesday.

“Propelling Maya’s growth is its game-changing customer experience, powered by innovative services, personalized features, and a highly reliable and secure platform,” bank said.

Maya Bank said its rapid growth shows “booming preference” of Filipinos for its “all-in-one” finance platform.

“Financial services need not be complex. This astounding response to our efforts reflects the big opportunity for digital banking in the Philippines,” Maya Group Chief Executive Officer and Founder and Maya Bank Co-Founder Orlando B. Vea said in the statement.

“Filipinos are ready for more progressive digital experiences; that’s why we’ve established ourselves as the country’s leading digital bank app in record time. We’re continuing to strengthen our financial services ecosystem as we bring more innovative services to consumers and enterprises,” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said.

Maya Bank was launched on April 29, about six months after it was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). The PayMaya Philippines platform was rebranded to Maya to include online banking services alongside e-wallet, cryptocurrency trading and micro-investments.

Maya Bank President Angelo Madrid had said at the launch that they hope one million of PayMaya’s more than 47 million users as of March would become Maya Bank clients.

“We’re very grateful for the warm response from the market. We’re ushering in a new era of banking, and we’re excited to roll out more innovative and customer-centric digital banking features in Maya that can enrich everyday lives,” Mr. Madrid said on Tuesday.

Maya Bank said its “innovative executions of digital banking features” have helped in its growth.

These features include the recently introduced daily interest crediting for Maya Savings, which now allows Maya Bank customers to view their earnings through their transaction history daily instead of monthly.

It also introduced a mission-led rewards system to incentivize users to use the app for its transactions. Starting Oct. 15, Maya Bank clients can extend their 6% per annum savings interest rate for an additional 30 days every time they use the app to pay personal bills and transactions through their Maya QR, card, or phone number.

Users can also manage their money through Maya’s “Personal Goals” feature, which allows them to create a maximum of five “wallets” with a target amount and a trackable timeline, with the 6% per annum interest rate also available until Dec. 31.

Upgraded Maya Bank wallet users can also conveniently start a savings account without maintaining a minimum balance. Users can also interbank PESONet transfers without fees until Dec. 31, 2022.

Maya Bank is one of the six entities that were granted digital banking licenses by the BSP.

PayMaya and Maya Bank are owned by Voyager Innovations, Inc. PLDT, Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — A.O.A. Tirona

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