Maya Bank, the digital bank of PLDT Group, said it is the fastest-growing online-only bank in the country with 650,000 clients in just three months from full operation.

Maya also said on Wednesday, Sept. 14, that it accumulated P5 billion in deposit balance as of end-July.

The Bangko Sentral ng Pilipinas (BSP) has approved only six digital banks in the Philippines, of which Maya is one of the first to launch last April 29, 2022 and to run full operations almost immediately. By end-2023, the BSP may reopen the application window for new digital banks.

PayMaya Group CEO, Orlando B. Vea, said in a statement that their “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," he said.

Shailesh Baidwan, PayMaya Group president said Maya will be introducing more game-changing digital banking innovations through its all-in-one money platform.

Maya Bank President Angelo Madrid, for his part, said they will roll out their products and services “at the speed of digital” in support of the government’s financial inclusion objectives of increasing the population of adult Filipinos with formal transactional accounts.

Through its all-in-one money app Maya, clients can avail of its instant credit of up to P15,000 as working capital for micro, small, and medium enterprises (MSMEs). “This makes Maya the only digital bank to offer credit to both consumers and MSMEs within the quarter of its public launch,” it said.

Maya, which was also Paymaya previously, has an integrated ecosystem as an e-wallet, a digital bank, and as a fintech partner. Its app also has a crypto feature as a licensed Virtual Asset Services Provider.

Maya offers high-yield interest rate, lower barrier to entry, and seamless experience. As a digital bank, it has no maintaining or minimum balance if a customer will register an e-wallet account.

To attract more customers, Maya currently offers six percent interest rate for select accounts products and also offers free PESOnet transfers and a Maya Card until Sept. 30. Some of their high-interest rate promos are offered until end-2022.

Digital banks, unlike brick and mortar banks, have no physical branches. But BSP requires these banks to set up one office in Metro Manila.

Digital banks’ financial products and services are processed end-to-end through a digital platform or electronic channel. They also offer traditional savings and time deposit accounts through mobile-friendly lending and investment facilities. A common strategy for these digital banks is to engage MSMEs through simple and quick deposit onboarding, then empower them with business solution platforms that facilitate the digitalization of MSME operations.