Maya Bank mobilizes P3-B loans for MSMEs
MANILA, Philippines -Maya Bank, the digital banking arm of tycoon Manuel V. Pangilinan’s group, disbursed more than P3 billion worth of loans to micro, small and medium enterprises (MSMEs) last year.
The financial platform, in a statement, said there was a huge takeup in such a short period of time.
Apart from borrowings, Maya also provides integrated payment solutions and embedded banking for enterprises.
“Maya continues to double down on its digital banking advantage to accelerate its growth in bringing more progressive digital financial services such as savings, credit and investments to Filipinos,” it said.
After securing a digital banking license from the Bangko Sentral ng Pilipinas in September 2021, the company rebranded in April last year as an all-in-one money portal that also offers bills payment, fund transfer and cryptocurrency trading services, among others.
It already has 1.5 million bank customers and P14.7 billion in deposit balances as of December 2022.
Apart from a savings line that offers a 6-percent introductory interest rate, Maya also provides a virtual credit line of up to P15,000. The latter has a real-time underwriting process for instant approval.
The financial technology platform was also bullish on its crypto offering amid digital currency adoption and the popularity of play-to-earn games like Axie Infinity. Maya Bank allows users to trade digital assets for as low as P1.
Last year, it said it achieved “unicorn plus” status after securing $210 million in fresh funds, bringing total capital infusion thus far to $1.4 billion. A unicorn is a startup that has a valuation of $1 billion. INQ