MAYA BANK, Inc. will focus on underserved sectors like small and medium enterprises (SME) and improving its product offerings and services to drive its growth as it faces heightened competition from other financial technology (fintech) players and digital service providers.
“It’s really about being more creative with the products you offer and being more customer-centric in how you serve,” Maya Bank Chairman Alfredo S. Panlilio told BusinessWorld on the sidelines of a recent event.
The bank is focused on continuously improving its services and the customer experience they provide, particularly for underserved markets as they aim to be more inclusive, he said.
“We’re always, from the very start, targeting the unbanked because 70% of Filipinos are unbanked. Also, the SMEs have little if no access to financial services. So, that’s an area that we’re working on.”
In February, Maya Bank launched a financial literacy program for micro, small, and medium enterprises (MSMEs) that also gives them access to credit called Negosyo Serye. It is for eligible small business owners who operate Maya Center businesses.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that loans granted by banks to MSMEs grew by 10.8% year on year to P540.92 billion as of end-June, which was equivalent to just 4.59% of their total loan portfolio of P11.78 trillion.
Maya Group or Maya Innovations Holdings, Pte. Ltd. is the parent holding company of Maya Bank and Maya Philippines, Inc.
Maya Bank is one of the six BSP-licensed digital banks in the country, while Maya Philippines is registered with the central bank as an electronic money issuer, remittance and transfer company, operator of payment system (OPS), and virtual asset services provider.
PLDT Inc., Maya Innovations’ main shareholder, said last month that the group posted a net income of P582 million in the second quarter, up 60% from the previous quarter and a turnaround from the P739-million net loss it booked in the same period last year.
This was partly driven by Maya Bank’s growing customer base and deposit and lending businesses, PLDT said. The bank’s customers reached 8.2 million as of June, up 101% year on year, while deposits rose by 54% to P50.4 billion. Loan disbursements climbed by 147% to P32 billion in the second quarter, bringing life-to-date releases to P152 billion.
Based on its annual report, Maya Bank booked a P72.78-million net income in 2024 versus the P826.83-million net loss it recorded in 2023, driven by increased net interest and non-interest earnings that offset the growth in its expenses.
These come as the BSP in January lifted a three-year moratorium on the grant of digital banking licenses, allowing four new players to operate in the country.
Last month, the central bank said they have determined that Apple Pay and Google Pay are technology service providers and not OPS as they do not hold funds but only process payment credentials. This means that they do not need to register with the banking regulator, paving the way for their potential entry into the Philippine market.
In Southeast Asia, Apple Pay and Google Pay are currently available in Malaysia, Singapore and Vietnam. Google Pay is also present in Cambodia.
The BSP is targeting to achieve a 60-70% share of digital payments over total retail payments volume by 2028, in line with the Philippine Development Plan.
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. — Aubrey Rose A. Inosante
