Maya Bank Unveils Reaching 5 Billion Deposit Balances

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Digital lender Maya Bank Inc. announced on September 14, 2022, that it had reached five billion pesos in deposit balances as of the end of the month of July, which was only three months after its official launch. 

The bank also reached 650,000 customers after securing the approval of the Banko Sentral ng Pilipinas (BSP) to operate as a digital bank a year ago.

“Our strong growth validates the market preference for an all-in-one money experience. Through disruptive offerings, bold marketing, and our extensive ecosystem, we are bringing progressive financial services closer to consumers, enterprises, and communities,” said Orlando B. Vea, PayMaya Group CEO and Founder and Maya Bank Co-Founder.

Maya Bank was launched on April 29, 2022, about six months after it was granted a digital banking license by the BSP. The PayMaya Philippines platform rebranded itself to Maya to include online banking services alongside e-wallet, cryptocurrency trading, and micro-investments.

“We are executing and growing at the speed of digital, and we are grateful for the overwhelmingly positive response from the market. This feat reflects our strong commitment towards our country’s financial inclusion goals,” Angelo Madrid, Maya Bank President, added.

During the launch, Madrid said that they are hoping that the 47 million Maya users as of March 2022 will become Maya Bank clients as well.

In addition, young consumers, according to Maya Bank, are attracted to open deposit accounts using their own app as it offers high-interest rates. 

By registering a Maya wallet account and providing one valid government ID, their clients can save money without worrying about retaining a maintaining balance.

Maya Bank also offers instant credit of up to P15,000 for eligible customers through the app, and working capital loans for micro, small, and medium enterprises (MSMEs), starting with Maya Center agents.

Maya also announced additional cryptocurrencies that will be added to the app this September. Maya added The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Cosmos (ATOM). The addition of these tokens brings the total number of crypto available in the mobile app to 19. Other cryptocurrencies available in Maya are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Solana (SOL), Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Chainlink (LINK), Uniswap (UNI), Quant (QNT), Dogecoin (DOGE), Apecoin (APE), Stellar (XLM), Avalanche (AVAX), Algorand, and Aldoin (ALDO).

Maya began providing crypto services in April 2022 with ten cryptocurrencies. Maya Bank and Maya are under the management of the PLDT Group.

This article is published on BitPinas: Maya Bank Unveils Reaching 5 Billion Deposit Balances

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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