Maya Bank Hits 650,000 Customer Milestone 3 Months After Launch
by Fintech News Philippines September 14, 2022Maya Bank announced that it has reached a 650,000-customer milestone just three months after launch and that it has P5 billion which is approximately US$89 million in deposit balance as of end-July 2022.
The bank launched its services to the public on 29 April 2022 after receiving approval from the Bangko Sentral ng Pilipinas (BSP) to establish a digital bank in the Philippines in September 2021.
Maya’s ecosystem includes a consumer e-wallet app, an enterprise payment processing business, and an on-ground agent network. It has also introduced a lending feature for consumers and MSMEs on its app.
The digital bank’s crypto feature is licensed by the BSP, and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP500,000 per depositor.
Maya Bank‘s parent company Voyager Innovations previously announced that it had closed a US$210 million round at a valuation of around US$1.4 billion which will be used towards building Maya Bank’s services.
Shailesh Baidwan
Orlando B. Vea
“Our strong growth validates the market preference for an all-in-one money experience,”
said Orlando B. Vea, PayMaya Group CEO and Founder and Maya Bank Co-Founder.
“Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya,”
said Shailesh Baidwan, PayMaya Group President and Maya Bank Co-Founder.
