Maya’s next target: Expand overseas

MANILA, Philippines — Digital bank Maya Bank Inc. has committed to improve its portfolio of products and services, as it gears up to accommodate more clients outside the Philippines as part of its global expansion.

Maya yesterday announced its plan to become the digital bank of choice of Filipinos living and working abroad, identifying the overseas market as the next segment that it wants to build on.

Maya Group president and co-founder Shailesh Baidwan said the bank seeks to promote itself as the first and only platform where Filipinos can save, invest, borrow and spend all in one.

Baidwan said Maya sees an opportunity in the recovering number of Filipinos going abroad for leisure and work. In 2023, the Bureau of Immigration said that more than seven million Filipinos traveled outside the Philippines.

For one, Baidwan said the Maya Card can be used to transact with at least 130 million merchants around the globe through its Mastercard and Visa networks. The card can also be used to acquire cash, as it can access millions of ATMs worldwide.

Apart from this, Maya partnered with PLDT Global Corp. to provide overseas Filipino workers (OFWs) with a virtual mobile number.

In line with this, OFWs with a Maya account can access a variety of financial services crucial to them, from money remittance and load top up, to bills payment and online shopping.

Further, the tie-up allows OFWs to receive their one-time password through their virtual mobile number, giving them a safe and secure way to transfer funds to other banks.

As of 2023, Maya has become one of the leading digital banks in the Philippines, attracting about three million depositors in its fold. The bank manages a deposit balance of around P25 billion.

Maya is also becoming a preferred lender among Filipinos, disbursing over P22 billion in loans to consumers and enterprises. Maya is working on expanding its portfolio of financial services to capture as many Filipinos as it can in its network.

Moreover, Maya holds the largest market share of 49 percent of digital payments processed with QR Ph, the QR code standard in the Philippines for cashless transactions.

Maya serves as one of the six players in digital banking operating with a license from the Bangko Sentral ng Pilipinas.