Maya Bank’s loan disbursements hit P47B at end-June
MAYA BANK, Inc. has disbursed P47 billion in loans to over a million borrowers as of June, it said on Wednesday.
“Every day, we’re driven to make banking simple, intuitive, and useful for everyone. In just over two years, we’ve shown that digital banking with Maya is the fastest and easiest way to boost the financial health of Filipinos. These new recognitions from our peers truly validate our efforts,” Maya Group President Maya Bank Co-Founder Shailesh Baidwan said in a statement.
“As of end-June 2024, Maya has provided loans to over a million borrowers, with total loan disbursements life-to-date reaching P47 billion,” the digital lender said.
The continued increase in loans was partly driven by its artificial intelligence (AI)-based credit scoring model, it said.
“Maya revolutionized unsecured lending by creating an AI-driven credit scoring model that uses payments and other alternative data, allowing it to lend profitably with speed and at scale,” the online lender said.
Of its total borrowers, 59% were first timers, it added.
Meanwhile, the digital bank’s deposit balance grew by 32% year on year to P32.8 billion as of end-June.
It said it has the biggest market share in terms of deposit balances among digital banks, with 38% as of March.
It also has the highest number of monthly active users and the highest user ratings on major app stores, Maya Bank said.
The digital lender previously said it expects to breakeven by this year and be profitable by 2025.
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
