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October 01, 2023

Maya dominates as top digital bank in the Philippines

Maya has captured more than 60 percent of the market share, according to data from the Bangko Sentral ng Pilipinas, securing 71 percent of total depositors and 46 percent of the total deposit balance among licensed digital banks by the end of the first quarter.

This achievement comes within a year of Maya’s public launch in April 2022, as over 1.8 million Filipinos opened Maya deposit accounts, amassing around P21 billion in deposits.

As of June 2023, Maya’s trust has grown to 2.3 million depositors with a deposit balance of P25 billion, indicating the bank’s successful all-in-one digital banking approach, said Maya Group President, Bankero Shailesh Baidwan.

Meanwhile, Bankero and Maya Bank President Angelo Madrid expressed the potential for accelerating fintech adoption and credit opportunities due to the bank’s growing traction in deposits.


BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange for operating an unregistered money service business, part of BSP’s ongoing efforts to curb unauthorized MSBs, following similar actions taken against six other firms earlier this year.

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