Maya solidifies hold as top digital bank

Maya solidifies hold as top digital bank
Maya logo

PLDT-backed digital bank Maya continues to solidify its status as the number one and top-leading digital bank and e-payment processors in the country following its P21 billion deposits as of March 2023.

PLDT also shared that Maya has attracted over 1.8 million bank customers across the globe while its loan disbursements reached P6 billion in eight months for its in-by-invite access mode.

In a financial disclosure report by PLDT Incorporated on Thursday, May 9, 2024, the Philippines leading broadband service provider disclosed that the digital bank has been a game-changer in the country's financial market through its advanced systems from cryptocurrency and flexible loan terms.

Its strategy increases client engagement, with savings and credit customers transacting up to three times more than payment-only users, resulting in a more loyal user base and increased wallet share.

Maya is also driving the QR PH acceptability in the country and is the dominant acquirer of the national QR standard with its 44 percent total market share of QRPH processing.

Maya Group president and Maya Bank co-founder Shailesh Baidwan said they remain as the backbone for payment processing in the Philippines, supporting hundreds of thousands of large, small, and micro-enterprises (MSMEs) with its digital payments.

“We’ve started providing now banking services to our businesses, allowing merchants to open their business deposits with us and also providing them with short-term working capital loans, which are Credit scores on the back of the data that we have with them providing up to P2-million of short term working capital loan, which is uncollateralized,” Baidwan said. 

In less than a year, Maya achieved global attention for setting a new standard for fintech in the Philippines and Southeast Asia. Forbes named it one of the world's best banks in 2023, while LinkedIn named it one of the top companies in the Philippines for workplace quality.

Currently, PLDT chairman and CEO Manny Pangilinan eyes Maya to double up its profit by 2025 following a positive record of its earnings before interest, taxes, depreciation, and amortization or EBITDA for 2024 alone.  DEF

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