MANILA - Maya Bank on Wednesday said it has reached P5 billion in deposit balance as of the end of July or just after 3 months after it was officially launched.

In a statement, the digital bank also said it now has over 650,000 customers.

Young consumers who are attracted to offers, high-yield interest rate on deposits and seamless experience, among others, are among its drivers of growth, Maya Bank said.

"We are executing and growing at the speed of digital, and we are grateful for the overwhelmingly positive response from the market. This feat reflects our strong commitment towards our country's financial inclusion goals," said Maya Bank President Angelo Madrid.

Maya said it recently introduced an instant credit feature of up to P15,000 for eligible users and micro, small and medium enterprises (MSMEs).

"Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya," said PayMaya Group President and Maya Bank Co-Founder Shailesh Baidwan.

The company said it also has an on-ground agent network called Maya Centers, formally known as Smart Padala. The app also offers crypto feature backed by a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas.

Maya Bank is among the 6 digital banking license holders in the Philippines.

Digital banks are seen to help the central bank achieve its goal of digitizing at least 50 percent of retail payments and encouraging 70 percent of the adult population to open bank accounts by 2023.

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