Maya recently headlined a Silicon Valley fintech forum for being the only unicorn in the Philippines with the most comprehensive digital financial services ecosystem.
The forum was organized by the University of San Francisco’s Center for Business Studies and Innovation in Asia-Pacific and the Georgia Tech Scheller College of Business-Center for International Business Education and Research (CIBER). IT brought together investors, academe, and tech unicorns from Southeast Asia.
Joining Maya were Singapore-based Insurtech bolttech, Indonesia-based pediatric health platform Primaku, and Thailand-based blockchain and crypto firm Bitkub Capital.
Maya Group Chief Product Officer, Mitch Padua shared how Maya transformed beyond payments to become the fastest-growing digital bank in the Philippines during the conference.
While Filipino adults with a financial account grew from 29% in 2019 to 56% in 2021, only 37% of adults have savings and 4% of Filipinos with loans borrowed from a bank, according the Bangko Sentral ng Pilipinas.
“That’s why we have become the only all-in-one money app that allows consumers to spend, save, borrow, and grow their money. We’re leveraging on our largest merchant-acquiring business, biggest on-ground MSME network, and now, the fastest-growing digital bank in the Philippines.”
Mitch Padua, Maya Group Chief Product Officer
Maya and Its Services
As of end-September 2022, the company has 52 million registered users across its consumer platforms and over 810,000 registered merchant touchpoints. Five months after its launch in April 2022, Maya posted 1 million new bank customers and a record PHP 10 billion deposit balance.
Its integrated financial services model has gained trust and confidence of shareholders in the technology and financial services industries. Among these include PLDT, KKR, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, and First Pacific Company Ltd.
“Maya has emerged as a compelling growth story for the Philippines and the Southeast Asian region. Our world-class talent pool, digital-first culture, fully digital operations, data-driven methods, secure and trusted systems, and strong enterprise relationships are at the core of our strong and unique ecosystem,” added Padua.
The company also continues to widen its merchant base equipped with QR Ph, the national standard for QR payments, and grow its network of Maya Centers to reach the underserved and unbanked.
To know more about the company, click here.
Ram found his love and appreciation for writing in 2015 having started in the gaming and esports sphere for GG Network. He would then transition to focus more on the world of tech which has also began his journey into learning more about this world. That said though, he still has the mentality of "as long as it works" for his personal gadgets.
