Maya Bank eyes more loan, investment products

DIGITAL LENDER Maya Bank, Inc. is looking to launch more loan and investment products this year as part of its efforts to help boost financial inclusion in the country.

“We are looking to introduce more loan products that can further address unmet needs from our customers this year,” Maya Bank Chief Marketing Officer Pepe Torres told reporters on the sidelines of the launch of its latest marketing campaign on Monday.

He said they are considering introducing loan products for small businesses.

“For some, it’s bridging working capital loans, for some it’s to help get their business started. So, that is an area we’re definitely working on for this year. To expand our offerings to businesses from payments to banking products such as deposits, or employee payroll, and soon lending,” he said.

He added that the digital lender is looking to boost its investment features.

“As we expand our forms of investment this year, [we expect] customers to start putting in more of their financial life with Maya,” Mr. Torres said.

Maya Bank currently has 1.5 million customers, based on data from intelligence firm data.ai, it said in a statement.

The lender launched on April 29, 2022, about six months after it was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). The PayMaya Philippines platform was rebranded to Maya to include online banking services alongside e-wallet, cryptocurrency trading and micro-investments.

Digital banks, which offer their services via online platforms and are not required to set up physical branches, are expected to help the BSP achieve its twin goals to have 50% of retail payments done digitally and 70% of adult Filipinos become part of the formal financial system by this year.

Maya Bank is owned by Voyager Innovations, Inc. PLDT Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — AMCS