Maya Bank Joins SME Finance Forum
Washington D.C, September 9, 2025 – Maya Bank, the Philippines' No.1 digital bank app in monthly active users, has joined the SME Finance Forum as the global membership network’s latest member. The 300+ members/affiliates of the Forum are SME financing experts operating in 190 countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.
"It is with great pleasure that I welcome Maya Bank to the SME Finance Forum. As a pioneering digital bank empowering Filipino consumers and MSMEs through innovative financial solutions, Maya Bank shares our vision of advancing financial inclusion for small businesses worldwide. Their expertise and commitment to transforming the financial landscape will bring valuable insights and foster collaboration within our network. Together, we aim to build a more inclusive and sustainable financial ecosystem for SMEs globally," said Qamar Saleem, Head of SME Finance Forum.
Maya Bank powers the digital banking experience of consumers and enterprises across the Maya family of products, including Maya all-in-one app, Maya Business, and Maya Center. As a pioneering digital bank, it is transforming how money works for Filipino consumers and MSMEs, through innovative and relevant financial services, including savings, deposits, and credit via Maya.
“We are honored to join the SME Finance Forum. In the Philippines, MSMEs make up 99% of businesses and employ over 60% of the workforce—yet many still lack access to credit and financial tools. At Maya, we are using digital banking and fintech to change that with fast, inclusive, and data-driven solutions. As the country’s leading digital bank and fintech ecosystem, we are excited to collaborate with global peers to scale innovation and empower MSMEs in today’s digital economy.” said Angelo Madrid, President, Maya Bank.
SME Finance Forum: Innovation & Partnership for MSMEs Growth
The SME Finance Forum, backed by G20 and IFC/World Bank, is the leading global network of 300+ members/affiliates operating in 190 countries. Network comprises of SME focused institutions providing and enabling finance and services- banks, non-banks financial institutions, fintech, payment platforms, development institutions, credit guarantee companies, insurers, investment funds, supply chain linked players, banking and SME associations, policy advocates, regulators, academia, consulting houses, knowledge aggregators.
Our member, affiliates, and associated stakeholders benefit from learning/replicating best practices from across the world, innovating new products for business growth, acquiring risk mitigation tools, establishing partnerships, attracting investors, and being recognized amongst a peer group of global innovators. Our products consist of “members only” solutions (like innovation hubs, solutions clinics, peer group networks, study tours, specialized tools and trainings, member portal repository, partnered initiatives) as well as public good services (200+ publications library, 500+ videos, webinars, newsletters, trainings, annual awards, annual event etc.)
Discover the SME Finance Forum members/affiliates and LinkedIn:
https://www.smefinanceforum.org/members/member-list
https://smefinanceforum.org/about/partners
https://www.linkedin.com/company/sme-finance-forum-managed-by-ifc/
About Maya Bank
Maya Bank, Inc. (Maya Bank) powers the digital banking experience of consumers and enterprises across the Maya family of products, including Maya all-in-one app, Maya Business, and Maya Center. As a pioneering digital bank, it is transforming how money works for Filipino consumers and MSMEs, through innovative and relevant financial services, including savings, deposits, and credit via Maya.
Maya Bank is the digital banking arm of Maya Innovations, the leading technology company in the Philippines. With Maya Philippines, it is creating Maya, the Philippines' only end-to-end digital financial services platform.
Maya Bank is a digital bank supervised by the Bangko ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor.
Learn More:
Website: https://www.mayabank.ph/
Facebook: mayaiseverything
Twitter: mayaofficialph
Tiktok: mayaiseverything
Telegram: Team Maya
Instagram: mayaiseverything
YouTube: mayaiseverything
Linkedin: MayaPH
MSME Banking in the Digital Era
Summary
Micro, small, and medium enterprises (MSMEs) are the backbone of African economies; yet, historically, they have struggled to obtain the necessary finance because of the lack of collateral, financial records, and business plans.
Recent advances in technology and data analytics are shifting the paradigm. The adoption of digital channels, enhanced data analytics, innovative business models, and partnerships with fintech is making it increasingly viable for banks, microfinance institutions, and insurance companies to lend to MSMEs. For financial services providers that get this right, the rewards are promising.
This handbook provides a starting point for those that seek to develop advanced MSME lending strategies in today’s evolving digital MSME ecosystem.
Republic Bank, a leading financial institution in the Caribbean, joins the SME Finance Forum
Washington D.C, August 13, 2025 – Republic Bank, a leading financial institution in the Caribbean with a strong commitment to SME development, has officially joined the SME Finance Forum, a global membership network of over 300 members and affiliates operating in 190 countries. The Forum brings together SME finance experts dedicated to expanding access to finance for small businesses through knowledge exchange and innovation.
"SME Finance Forum is delighted to welcome Republic Bank. Their extensive experience and innovative approach to providing customized finance solutions to SMEs will undoubtedly enrich our community," said Qamar Saleem, Head of SME Finance Forum.
Republic Bank has made notable progress in advancing SME development across the Caribbean and West Africa, not only by improving access to finance but also by equipping entrepreneurs with essential tools for success. These include financial literacy resources, business development support, and expanded opportunities for market access—strengthening the resilience and sustainability of the SME sector.
"Republic Bank is delighted to join the membership of SME Finance Forum and advance our vision and capacity to pursue SME Excellence across the territories we serve.
By joining the SME Finance Forum, we aim to deepen our commitment to empowering SMEs through innovative financial solutions, tailored support, and strategic partnerships.
We look forward to engaging with fellow members, exchanging ideas, and collectively working towards a more prosperous future for our SMEs, ‘’ said Nigel Baptiste, President & Managing Director, Republic Bank and Group President and CEO, Republic Financial Holdings.
SME Finance Forum: Innovation & Partnership for MSMEs Growth
The SME Finance Forum, backed by G20 and IFC/World Bank, is the leading global network of 300+ members/affiliates operating in 190 countries. This network comprises of SME focused institutions providing and enabling finance and services- banks, non-banks financial institutions, fintech, payment platforms, development institutions, credit guarantee companies, insurers, investment funds, supply chain linked players, banking and SME associations, policy advocates, regulators, academia, consulting houses, knowledge aggregators.
Our member, affiliates, and associated stakeholders benefit from learning/replicating best practices from across the world, innovating new products for business growth, acquiring risk mitigation tools, establishing partnerships, attracting investors, and being recognized amongst a peer group of global innovators. Our products consist of “members only” solutions (like innovation hubs, solutions clinics, peer group networks, study tours, specialized tools and trainings, member portal repository, partnered initiatives) as well as public good services (200+ publications library, 500+ videos, webinars, newsletters, trainings, annual awards, annual event etc.)
Discover the SME Finance Forum members/affiliates:
https://www.smefinanceforum.org/members/member-list
https://smefinanceforum.org/about/partners
About Republic Financial Holdings
Republic Financial Holdings Limited is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (St Maarten) N.V., Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited, Republic Bank (Suriname) N.V, Republic Bank (Ghana) Plc., Republic Bank (BVI), Cayman National Corporation as well as subsidiaries such as Republic Wealth Management Limited and Republic Life Insurance. In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.
Learn more:
Website: https://www.rfhl.com/
Facebook: Republic Bank
Twitter: RBL Trinidad
LinkedIn: Republic Bank
Instagram: republicbankofficial
GLEIF Launches Global vLEI Hackathon in Collaboration with Key Industry Leaders
Global Legal Entity Identifier Foundation (GLEIF) has launched the vLEI Hackathon, a global innovation challenge inviting developers, entrepreneurs, and digital trust stakeholders to build solutions using the verifiable Legal Entity Identifier (vLEI).
With support from industry leaders, the hackathon explores the vLEI’s transformative potential across digital assets, finance operations, and supply chains. Winning teams will showcase their projects at key global events, including Chainlink SmartCon, Hong Kong Fintech Week, and GLEIF’s Org ID Forum.
Full challenge details are available here.
GLEIF is an affiliate of the SME Finance Forum
Beyond financial inclusion: What drives financial health for women entrepreneurs?
- Financial Insecurity in Crises: While 80% of entrepreneurs save for their business, only 16% would use business savings to recover from a crisis. Others instead rely on household savings or borrowing, which may limit the ability of the business to recover in the long-term.
- Limited Access to Credit: 27% of women entrepreneurs lack the financial resources needed to grow. High interest rates (49%), low loan amounts (23%), and short loan terms (14%) create barriers to formal financing, and debt stress remains particularly high in Pakistan, where 94% of borrowers are “very concerned” about repayment.
- Digital Divides: While 94% of respondents own a smartphone, only 51% use digital tools for their business. Access to digital upskilling remains a challenge, limiting women’s ability to tap into online financial services and expand into new markets.
- Satisfied but Stressed: While many cite satisfaction with the state of their business, households, and finances, this may come at the cost of high levels of stress. However, when spouses were involved in decision-making, women were 27 percentage points less likely to “always worry” about their business and 23 percentage points less likely to “always worry” about their household.
- Disconnected from Support Networks: One-third (34%) of women entrepreneurs lack access to networks like peer groups and mentors for business advice.
- Offering long-term, higher-interest savings accounts with features like automated deposits to help women build emergency funds.
- Financial products tailored to women’s business needs, with larger loan sizes, flexible repayment terms and alternative credit assessments.
- Offering tiered, practical digital literacy programs, from mobile banking basics to advanced tools like e-commerce and AI.
- Creating peer groups and family-inclusive workshops to build networks, mentorship, and shared responsibility at home.
- Innovations that support redistributive care responsibilities, through mechanisms such as subsidized childcare and financial tools designed with caregiving realities in mind.
How and why we finance SMEs
The ASEAN Access to Digital Finance Study
- Respondent profile/demographics and company structure (for businesses).
- Relationship with traditional finance channels.
- Financing experiences when using fintech-based financial services.
- Post-financing outcomes and the impact of the COVID-19 pandemic.
- Millennials made up the greatest proportion of users of online consumer finance in the ASEAN countries analysed across the individual consumers facing alternative digital finance channels. Approximately 44% of P2P/marketplace consumer lending respondents were between 25 and 34 years of age, followed by 34% who were between 35 and 44. Of BNPL users, 54% were between the ages of 25 and 34. Across both models, most respondents were male, had an undergraduate degree, and were in full-time employment with an annual income slightly higher than their country’s minimum wage.
- Before turning to P2P/marketplace consumer lending platforms for financing, family and friends, and banks were the two most popular sources of finance for individual borrowers. Notably, the offer and acceptance rates for borrowers who approached informal finance providers were relatively higher than for those who sought funding from the most popular traditional finance channels, despite having fewer borrowers.
- For individual household users of P2P/marketplace consumer lending, the primary purpose for borrowing funds was to cover day-to-day expenses, while for BNPL customers it was to purchase fashion items and apparel. Nearly half the individual consumers who used P2P/marketplace consumer lending platforms borrowed funds to meet daily expenses or short-term needs, such as buying groceries, paying utility bills and top-ups. For BNPL users, fashion items and apparel were the main types of purchases made. This was closely followed by home appliances, mobile phones, other electronics and daily expenses, each with a proportion of around one-third.
- The speed of receiving funds was the main decision-making factor that led individual households to borrow from fintech platforms. For BNPL users, it was paying zero or low interest. Platform use factors, such as transparency, better approval rates and flexible terms, also influenced P2P/marketplace consumer lending users. Similarly, convenience was the other top factor that influenced BNPL users, including flexible terms, easy application and approval processes, and better customer service.
- Alternative finance platforms in the ASEAN region complement traditional banking systems, as they mainly serve the underbanked and enable financial inclusion. Borrowers who used P2P/marketplace consumer lending platforms reported using banking products and services more often after receiving funds from online alternative finance platforms. More than half started to use or increased the frequency with which they used their personal savings or checking accounts. This was followed by an increase in the use of personal loan contracts, personal credit cards and overdraft accounts.
- Female business borrowers made up a greater proportion of the respondents, but they borrowed less than their male counterparts. When looking at the gender distribution of business respondents, female borrowers represented 54% across all the business-facing models, 57% of whom used P2P/marketplace business lending platforms. In terms of education level, most female borrowers had completed secondary school, whereas most male borrowers had an undergraduate degree. The results indicate that the alternative finance industry plays an important role in the inclusion of under-represented business borrowers into the financial system.
- Most MSMEs were young, micro and small businesses, and were operating either as sole traders or with few full-time employees. Most MSME respondents that had borrowed or raised finance were micro and small enterprises, operating with no (sole traders) or between one and five full-time employees. Most had been operating for between one and 5 years, and a smaller proportion was less than one year old. This reinforces the hypothesis that alternative finance plays an important role in providing access to finance to smaller businesses.
- Regarding the use of traditional finance facilities, MSMEs often used personal financial products to meet their business funding needs. MSMEs that used P2P/marketplace business lending and equity crowdfunding models reported using personal checking or savings accounts the most, followed by personal current accounts. The results suggest that the owners of these businesses relied on personal financial products to meet their funding needs. Conversely, MSMEs that used invoice trading platforms mainly used business savings or checking accounts.
- MSMEs that used P2P/marketplace business lending and invoice trading platforms to borrow funds were strongly influenced by better customer service, flexible terms, ease of getting funding compared to traditional sources and speed of receiving the funds. Non-financial benefits, such as public relations and marketing, and insights and expertise from the platforms’ investors, were the main decision-making factors for businesses that chose to fundraise through equity crowdfunding platforms. The main reason MSMEs borrowed funds, across all three models, was to raise working capital, followed by expansion and growth.
- Most MSMEs reported growth in their business performance (net profit, revenue and employment) after receiving finance through a fintech platform. Most MSMEs reported that the financing had a positive impact on their business, primarily through increased productivity and an expanded customer base. Further, alternative finance borrowers defaulted less compared to the non-performing loan (NPL) average (over 3%) in ASEAN countries, according to the World Bank, reporting an almost negligible default rate (1%).
- During the COVID-19 pandemic, most MSMEs reported they had not received any financial assistance from their government or fintech platform and hence had to adjust their business operations. For those MSMEs that received government assistance, it was mostly in the form of cash assistance/loan subsidies or tax relief. A slightly higher proportion received assistance from fintech platforms, mostly in the form of fee waivers, eased payment plans and additional credit facilities. It should be noted that, in many cases, the governments themselves asked fintech platforms to reduce or eliminate fees, and even directed additional credit facilities through this channel.
- Regulators may impose limits on the amount that can be borrowed through digital lending channels. Some regulators in ASEAN countries have already implemented mandates setting limits on the total amount individuals can borrow through P2P platforms based on their annual income. For example, the Philippines limits consumers’ total borrowing to 5% of their annual income. To this end, regulators should also communicate more with platforms to get a better understanding of the amounts consumers borrow.
- Regulators may impose caps on the interest rates charged by digital lenders. Some ASEAN countries reported illegal and unauthorised digital lenders engaging in predatory lending or collection practices and charging exorbitant interest rates. To overcome this issue, regulators in some ASEAN countries have imposed caps on the interest rates that P2P lenders can charge their borrowers. For example, Thailand caps the interest rate at 15% a year. Further, it is also important for regulators to create a whitelist of regulated digital lending fintechs that are operating in the country.
- There is a need for industry standards or guidelines for BNPL providers to ensure consumer interests are protected. Most respondent BNPL users were young (Millennials and Gen Z) and new to credit, making protecting consumers’ interests even more important. Regulators need to supply BNPL providers with clear guidelines (code of conduct) and ensure they carry out sufficient checks to confirm whether consumers can afford to take out such loans. Further, regulation could also focus on product design to ensure sufficient information is provided at checkout points so users can make informed decisions.
- There is a need to promote adequate disclosure and digital financial literacy among digital finance users. In most cases, P2P lenders charged higher interest rates compared with banks and other financial institutions. This study shows that most business borrowers are micro and small enterprises and generally have a lower education level. Hence, platforms must tell businesses what interest rate they are being charged and provide mandatory user education. Furthermore, regulators need to promote digital financial literacy among borrowers using digital finance platforms.