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Manila Bulletin devider Business devider Banking & Finance devider Maya deposits up 69% in 2023

Maya deposits up 69% in 2023

Published Feb 6, 2024 08:18 am

Maya, the digital banking unit of the PLDT Group, reported that its deposit base last year went up to three million from over a million in 2022, and reported a deposit balance of P25 billion.

The total deposits in peso terms as of end-2023 logged a 69 percent increase compared to 2022, the digital bank said in a statement.

Last week, Maya reported that its loan releases amounted to P22 billion last year, a significant increase from only P3 billion in 2022.

Maya Group President and co-founder Shailesh Baidwan said Tuesday, Feb. 6, that the bank is “redefining how Filipinos interact with their money.”

"Our all-in-one platform is a response to the real, daily financial needs we've seen and heard from our customers, and we're committed to bringing them even more innovative solutions," he said.

Since as a digital bank it could offer higher interest savings compared to banks with brick-and-mortar branches, Maya claimed it has 57 percent of digital banking depositors as of end-September 2023.

The digital bank said it can offer up to 14 percent interest on savings and for eligible users, they can borrow up to P250,000 through the regular use of its app.

Maya currently offer savings, credit, e-wallet, crypto, insurance, investment, and rewards. “As of early 2024, it is the #1 top-rated consumer finance app with a 4.8 rating on the App Store and 4.5 on Google Play, beating other leading apps,” said the bank.

According to Maya Bank president Angelo Madrid, "banking shouldn't be a chore, and that's what we're changing at Maya (and that) every payment you make on the Maya app – it's not just a transaction, it's a step towards bigger savings and smarter credit.”

Madrid is also quoted as saying that he “anticipates users to engage even more with the app as Maya has expanded its product portfolio with wealth-building services such as Maya Funds, Maya Stocks, Maya Time Deposit Plus, and Maya Crypto.”

The Bangko Sentral ng Pilipinas (BSP) has only granted six digital banking licenses in 2021, and this includes Maya.

As of mid-2023, the BSP has received a number of applicants for digital bank license even though the application window is still close until the fourth quarter of 2024.

Right now, the BSP is carefully monitoring the six digital banks that were allowed to operate before the moratorium.

The BSP’s Supervisory Policy and Research Department is currently reviewing the digital banking sector. The review is to determine how many more digital banks the industry can accommodate and if the market is ready for additional online-only banks.

The BSP has closed the window for digital bank applications for three years, or from September 2021 until the fourth quarter of 2024.

The establishment of a digital bank require P1 billion minimum capitalization. Meanwhile, a digital bank is the BSP’s seventh bank category. 

Digital banks have minimal or zero-reliance on physical touchpoints but it will have to set up one office in the Philippines to receive and address customer complaints or issues.

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