September 17, 2024 | 12:00am
MANILA, Philippines — Digital lender Maya Bank has partnered with Grab Philippines to offer instant credit services among eligible users, boosting Filipinos’ access to financial solutions while integrating more convenience into their daily lives.
According to the bank, the partnership is a significant step in promoting financial empowerment among Filipinos. By offering instant access to credit, Maya and Grab are making financial services more inclusive and accessible.
“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 P30,000 with Maya Easy Credit,” Maya Bank president Angelo Madrid said.
The partnership enables eligible users of the Grab app to avail an instant credit line of up to P30,000 through Maya Easy Credit, with no wait, no collateral and no paperwork required.
This collaboration enables and simplifies the process of applying for a credit line. Grab users only need to complete a form on the app, provide their mobile number and consent to Maya.
From there, users could download the Maya app, sign up and upgrade their accounts. Upon completing a credit application within the Maya app, approved users will have funds available instantly, subject to a credit evaluation.
Martha Borja, regional head of payments of the Grab Financial Group, said that their mission extends beyond innovating in transportation and on-demand deliveries.
“(Our mission) 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,” Borja said.
“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,” she added.
With Maya Easy Credit, eligible customers can now top up their Maya Wallet and effortlessly pay for Grab rides or food deliveries, giving them greater financial flexibility within the Grab app.
This integration also allows users to link their Maya accounts to the Grab app using their mobile number or Maya Cards for seamless payments across all Grab services.
Since beginning its lending operations in 2022, Maya had disbursed P47 billion in loans to 1.2 million borrowers as of end-June, with 59 percent choosing Maya as their first bank partner for loans.
Grab is Southeast Asia’s leading superapp and serves more than 700 cities across eight countries. Its services span deliveries, mobility and digital financial services.
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