Maya Bank Reaches P10-B Deposits in 5 Months

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Editing by Nathaniel Cajuday

Five months after its official launch, Voyager-backed digital bank Maya disclosed that it has successfully registered 1 million customers and reached ₱10 billion in deposits. 

Maya Bank is one of the six licensed digital banks in the country. Digital banks are separate from existing bank categories, banking services in this type of bank are delivered over the internet.

“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,” Shailesh Baidwan, President and Co-founder of Maya Bank, stated.

Baidwan added that the digital bank is currently continuing to strengthen its financial services ecosystem as it  brings ”more innovative services to consumers and enterprises.”

Prior to this achievement, just last month, the firm shared that it had reached 650,000 customers and five billion pesos in deposit balances as of the end of the month of July. (Read more: Maya Bank Unveils Reaching 5 Billion Deposit Balances)

Maya Bank was launched on April 29, 2022, six months after it was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). 

To go along with the growing fintech industry, the PayMaya Philippines platform rebranded itself to Maya to include online banking services alongside e-wallet, cryptocurrency trading, and micro-investments.

The other four licensed Philippine digital banks are; Overseas Filipino Bank of Land Bank of the Philippines; Tonik Bank of Singapore; UNObank of Singapore; UnionDigital of the Union Bank of the Philippines; and GoTyme of the Gokongwei Group. All six digital banks were officially operational last August. (Read more: BSP: All Six Digital Banks Now Allowed to Operate)

Currently, digital bank applications will be closed for two to three years as the BSP still needs to improve its capacity to regulate these kinds of lenders, as per BSP Governor Felipe M. Medalla. (Read more: BSP Unlikely to Approve More Digital Banks in Near Future –Incoming BSP Governor)

This article is published on BitPinas: Maya Bank Reaches P10-B Deposits in 5 Months

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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