Filipino digital bank Maya has disbursed a total of PHP 47 billion (approximately US$819 million) in loans to over a million borrowers by the end of June, according to a report by PhilStar.

Since its launch in April 2022, Maya Bank has rapidly expanded its unsecured lending services, with 59 percent of its clients experiencing their first-ever bank loan through Maya.

The bank attributes its success to an AI-driven credit scoring model that utilises payments and alternative data, enabling fast and scalable lending.

Maya Bank also reported a significant increase in deposit balances, growing by 32 percent to reach PHP 32.8 billion (US$571.6 million) as of the end of June.

This growth is supported by flexible deposit products, including time deposits, which allow users to start with small amounts and gradually build their savings.

With a 38-percent market share in deposit balances as of March, Maya Bank is said to hold the largest share among digital banks in the Philippines.

Shailesh Baidwan, President and Co-founder of Maya Bank, emphasized the bank’s swift impact over the past two years, noting that Maya’s digital banking services have quickly become a key tool for enhancing the financial health of Filipinos.

Maya Bank offers a range of lending products, including personal loans with a credit limit of up to PHP 250,000.

In the previous year, the bank disbursed over PHP 22 billion in loans to consumers and businesses and holds a 49 percent market share in digital payments processed via QR Ph.

As the digital banking arm of Voyager Innovations Inc., Maya Bank is one of the six licensed digital banks regulated by the Bangko Sentral ng Pilipinas.

Featured image credit: Edited from Freepik