Maya Bank expanding client base, offerings

MANILA, Philippines – The operator of Maya Bank, which has been increasing its client base and launching more financial products, is targeting to become profitable by next year—a no small feat for digital banks both here and abroad.

Voyager Innovations Inc. CEO and founder Orlando Vea, in a recent press briefing, said they were projecting to achieve a break even in their financial performance by the end of this year.

“From there, we just continue that trajectory of our growth,” said the official of PLDT Inc.’s subsidiary.

Manuel Pangilinan, chair of the telco giant, said they were “closely watching the progress of Maya,” noting there have been good indications that the neobank will be in the green in the next year. For one, he said that net losses and cash burn had already been reduced.

READ: Maya secures top spot as the leading digital bank in the Philippines

“We want to make sure that we stay true to that course,” Pangilinan said. “They should be profitable by 2025.”

Last year, Maya’s deposit balances surged by 69 percent to P25 billion as it doubled its depositor base to 3 million. It offers interest rates of up to 15 percent per annum on savings accounts for consumers.

Depositor base doubled

The neobank, meanwhile, grew its loan disbursements by nearly sevenfold to P22 billion last year.

Maya’s portfolio also includes time deposit and stock trading.

“On the enterprise front, we solidified our leadership as the payments backbone of the Philippines by empowering more and more businesses to accept various payment methods seamlessly,” Vea said.

Recently, Bangko Sentral ng Pilipinas (BSP) Director Melchor Plabasan said that only two of the six neobanks in the country were profitable, adding that only 5 percent of digital banks in the world are turning profits.

READ: BSP: Only two of six PH digital banks are profitable

Other entities with digital banking licenses in the country are UNO Digital Bank, UnionDigital Bank, GoTyme, Overseas Filipino Bank and Tonik Digital Bank.

BSP Governor Eli Remolona Jr. explained these financial institutions were having a hard time making money because of unpaid loans, forcing them to allot higher credit provisions that can drag their bottom line.

In 2022, Voyager rebranded its financial technology app PayMaya to Maya as it positioned itself as an all-in-one money portal offering digital banking services.

“Hopefully, make our services more available to more Filipinos. I think as of now, we already have created a deep impact in the market,” Vea said.