#Maya: Revolutionizing Digital Banking in the Philippines
Maya continues to garner international acclaim for its transformative approach to banking, catering to all Filipinos—from those without bank accounts to those dissatisfied with traditional banking systems.
For two consecutive years, Maya has been recognized as the Best Digital Bank and Best Mobile Banking App in the Philippines at the World’s Best Digital Bank Awards 2024 by Global Finance Magazine. It was also honored as the Best Virtual Bank in the Philippines for 2024 by the FinanceAsia Awards in Hong Kong and as the New Virtual Bank in the Philippines at the Retail Banking Awards in Singapore.
Explore more about Maya’s journey in digital banking.
Maya secured the third position in the Philippines in Statista and CNBC’s Best Banks - Asia Pacific 2024 report and was featured in Forbes Magazine’s World’s Best Banks 2024 list for the second year in a row.
Shaping the Future of Banking
Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank, stated:
“Our daily motivation is to simplify banking and make it beneficial for everyone. In just over two years, we’ve demonstrated that Maya’s digital banking is the quickest and most convenient way to enhance Filipinos’ financial well-being. These fresh accolades from our industry peers are a testament to our efforts.”
Tackling Banking Hurdles in the Philippines
In the Philippines, traditional banking often poses challenges, leaving many without easy access to financial accounts or credit services.
Fintech solutions like Maya have contributed significantly to increasing the percentage of Filipinos with financial accounts—from 29% in 2019 to 56% in 2021, primarily due to digital payments. However, as of 2021, 52% of Filipino adults still prefer to save at home, and 57% rely on informal borrowing, according to the Bangko Sentral ng Pilipinas.
Read how Maya is reshaping the Philippine banking landscape.
Maya’s Game-Changing Features
One-App Convenience
Maya revolutionizes traditional banking with a single app that allows users to:
- Save
- Borrow
- Spend
- Invest
- Earn rewards
This approach makes banking simple, intuitive, and transparent—a first in the Philippines.
Flexible Deposits and Higher Interest Rates
Maya is the first in the country to offer flexible deposit products like time deposits, allowing users to start small and gradually grow their savings. Customers who use Maya for everyday spending benefit from higher interest rates.
- Deposit Balance Growth: As of June 2024, Maya’s deposit balance grew by 32% YoY to ₱32.8 billion.
- Market Leadership: Maya commands 38% market share in deposit balances among digital banks as of March 2024.
Discover why Maya is a leader in digital banking innovation.
Revolutionizing Lending with AI
Maya utilizes an AI-driven credit scoring model, analyzing payment data and alternative data to provide:
Quick and scalable unsecured lending.
Loans for first-time borrowers (59% of borrowers).
Loan Impact: By June 2024, Maya extended loans to over 1 million borrowers, with total disbursements reaching ₱47 billion.
Learn more about Maya’s impact on lending in the Philippines.
FAQs
What awards has Maya won?
Maya has been recognized as the Best Digital Bank and Best Mobile Banking App in the Philippines by Global Finance Magazine. It has also been named the Best Virtual Bank by FinanceAsia Awards and the New Virtual Bank at the Retail Banking Awards.What is Maya’s approach to banking?
Maya simplifies banking by offering a digital platform where users can save, borrow, spend, invest, and earn rewards—all within one app.How has Maya impacted the banking sector in the Philippines?
Maya has helped increase financial inclusion by addressing the challenges of traditional banking with straightforward and transparent solutions.What unique services does Maya offer?
Maya provides flexible deposit products, higher interest rates for everyday spending, and an AI-driven credit scoring model for scalable lending.How has Maya impacted lending in the Philippines?
Maya has extended loans to over 1 million borrowers, with total disbursements reaching ₱47 billion as of June 2024.