The digital banking landscape in the Philippines is relatively new, with the central bank first introducing the framework in 2021. The regulatory body granted licenses to six institutions: Maya Bank, GoTyme Bank, Overseas Filipino Bank, Tonik Bank, UnionDigital Bank, and Uno Digital Bank. The sector’s growth has been remarkable, with digital bank deposits showing a 97 percent increase in 2023 compared to the previous year.
As of mid 2024, the Philippine digital banking sector shows remarkable growth, with Maya Bank leading the pack. The sector has six licensed players, collectively managing over 105 billion pesos in assets, with Maya Bank holding the largest share at 38.11 billion pesos, followed by GoTyme with 23.4 billion pesos.
Maya Bank’s success story is particularly noteworthy. Owned by Voyager Innovations, which also operates the popular Maya wallet e-wallet application, the bank has achieved impressive growth despite its relatively young age. In just two years of operation, it has substantially expanded both its deposit balance and loan portfolio, which has tripled compared to 2022 levels.
Looking ahead, the industry appears poised for further expansion. The central bank has announced plans to resume accepting applications for digital banking licenses in 2025, signaling confidence in the sector’s growth potential and the market’s capacity to accommodate more players.
This digital banking boom reflects the Philippines’ growing embrace of financial technology and digital financial services, with established players showing strong asset growth and healthy competition driving innovation in the sector.
