In a strategic partnership aimed at enhancing financial accessibility in the Philippines, Maya, the leading digital bank in the country, has teamed up with Grab, Southeast Asia’s top superapp, to offer instant credit to eligible Filipinos. This collaboration enables Grab users to access up to PHP30,000 through Maya Easy Credit with no need for collateral, lengthy paperwork, or waiting periods.
The process to avail of the credit is simple and user-friendly. Eligible Grab users need to fill out a form within the Grab app, providing their mobile number and consent to Maya. They are then required to download the Maya app, register, and upgrade their account. Once the application for Maya Easy Credit is completed in the Maya app, funds become immediately available upon approval, pending a credit evaluation.
“At Grab, our mission extends beyond innovating in transportation and on-demand deliveries; it encompasses driving progress in financial inclusivity for millions of Filipinos. An expression of this is this landmark partnership with Maya Bank, effectively making Maya Credit more accessible to the millions of Grab users we serve daily. This collaboration represents a significant step in providing convenient access to non-traditional financial solutions directly through the Grab app, enriching lives, and expanding financial horizons for our users,” according to Martha Borja, Regional Head of Payments of the Grab Financial Group.
This partnership underscores the commitment of both companies to promote financial inclusivity and empower more Filipinos through accessible lending options. Maya and Grab are making strides in offering innovative financial solutions directly within the Grab app, thus extending the reach of Maya’s services to a broader audience.
Eligible customers can use the newly available credit to top up their Maya Wallet and make seamless payments for Grab services such as rides and food deliveries. This provides greater flexibility and convenience for users who rely on Grab’s diverse offerings.
In addition, Maya has simplified the payment process for Grab users by allowing them to link their Maya accounts via their mobile numbers and connect their Maya Cards for effortless transactions within the superapp. Beyond just spending, Grab users can also utilize the extra funds to grow their savings or invest in stocks and mutual funds through Maya’s partner marketplace — all from within the Maya app. Every transaction contributes to an increase in the user’s Maya Savings interest rate, potentially reaching up to 14% per annum, and can also help raise future credit limits.
“One of the biggest financial challenges that Filipinos face is the lack of access to reliable and trustworthy lending services. So, we’re very excited to partner with Grab to make it easier than ever to open a credit line of up to PHP30,000 with Maya Easy Credit,” said Angelo Madrid, President of Maya Bank.
This initiative represents a significant milestone for Maya as it continues to bridge the financing gap in the Philippines. Since launching its lending operations in 2022, Maya has disbursed PHP47 billion in loans to approximately 1.2 million borrowers as of June 2024, with 59% of these customers choosing Maya as their first bank partner for loans.
The collaboration between Maya and Grab not only highlights the ongoing efforts to improve financial inclusion in the country but also provides a convenient and reliable option for Filipinos seeking access to non-traditional financial solutions.