Maya Bank hits P5 billion in deposits

Maya Bank Inc. announced on Wednesday that it had reached P5 billion in deposit balances as of the end of July, three months after its official launch. 

The bank said it also hit 650,000 customers after securing the approval of the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank in September 2021. It is among the six lenders given the go-ahead by the central bank. 

"We are executing and growing at the speed of digital, and we are grateful for the overwhelming positive response from the market," Maya Bank president Angelo Madrid said in a statement.

Maya Bank said it has also extended its promos to entice more Filipinos into its fold, including the 6% interest rate on savings of up to P5 million and free PESOnet transfers. 

"We are very excited to introduce more game-changing digital banking innovations through our all-in-one money platform," Maya Bank co-founder and PayMaya Group president Shailesh Baidwan said.

The digital bank currently provides eligible customers with instant credit of up to P15,000, as well as working capital loans for micro, small, and medium enterprises. 

In 2020, former BSP Governor and now Finance Secretary Benjamin Diokno set a target to have at least half of all Philippine transactions done digitally by 2023.

Current BSP Governor Felipe Medalla has stuck to this goal, but a survey conducted by the central bank showed that only a fourth of Philippine banks are on schedule with their digitalization efforts. —VBL, GMA News