Philippines’ digital bank Maya and Southeast Asian superapp Grab have joined forces to offer instant credit to local users.
Eligible Grab customers can now access up to PHP 30,000 through Maya Easy Credit without the need for collateral or paperwork.
To access the credit, users need to fill out a form on the Grab app, providing their mobile number and consenting to share information with Maya.
Then, they need to download the Maya app, sign up, and upgrade their account to apply for Maya Easy Credit.
After completing these steps, they can apply for Maya Easy Credit. Approved funds are available immediately, subject to credit evaluation.
The credit can be used to top up Maya wallets, pay for Grab services, or for other financial needs like savings and investments.
Users can also link their Maya accounts to the Grab app using their mobile number or Maya Cards for more seamless payments across services like rides and food deliveries.
This partnership aims to provide easier access to credit for Filipinos and promote financial inclusivity.
Since launching its lending services, Maya has disbursed PHP 47 billion in loans to 1.2 million borrowers, with many using Maya as their first lending platform.
Martha Borja, Regional Head of Payments of the Grab Financial Group, said,
“At Grab, our mission extends beyond innovating in transportation and on-demand deliveries; it encompasses driving progress in financial inclusivity for millions of Filipinos. An expression of this is this landmark partnership with Maya Bank, effectively making Maya Credit more accessible to the millions of Grab users we serve daily.
This collaboration represents a significant step in providing convenient access to non-traditional financial solutions directly through the Grab app, enriching lives, and expanding financial horizons for our users.”
Angelo Madrid, President of Maya Bank, added,
“One of the biggest financial challenges that Filipinos face is the lack of access to reliable and trustworthy lending services.
So, we’re very excited to partner with Grab to make it easier than ever to open a credit line of up to PHP 30,000 with Maya Easy Credit.”
Featured image: (From left to right) Maya Bank President Angelo Madrid; Maya Group President and Maya Bank Co-Founder Shailesh Baidwan; Grab Financial Group Regional Head of Payments Martha Borja; and Grab Philippines Director for Deliveries and Strategy Greg Camacho
