#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.
For two consecutive years, Maya has been awarded the titles of Best Digital Bank and Best Mobile Banking App in the Philippines at the World’s Best Digital Bank Awards 2024, organized by Global Finance Magazine. Additionally, it was recently 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.
Maya also secured the third position in the Philippines in Statista and CNBC’s inaugural Best Banks - Asia Pacific 2024 report and was featured in Forbes Magazine’s World’s Best Banks 2024 list for the second year running.
Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank, expressed, “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, where banks are seen as symbols of financial stability and upward mobility, traditional banking often poses challenges, leaving many without easy access to financial accounts or credit services.
Fintech solutions like Maya have emerged to address these banking issues, contributing to an increase in the percentage of Filipinos with financial accounts from 29% in 2019 to 56% in 2021, primarily due to digital payments. However, according to the Bangko Sentral ng Pilipinas, as of 2021, 52% of Filipino adults still prefer to save at home, and 57% rely on informal borrowing.
Maya has revolutionized traditional banking with its straightforward, intuitive, and transparent offerings. With just a single ID, Filipinos can save, borrow, spend, invest, and earn rewards all within one app – a first in the Philippines.
Maya, reinventing savings in the Philippines, is the first to offer flexible deposit products, such as time deposits, that enable users to start small and gradually build their savings. It is also the first bank to offer higher interest rates to customers who use Maya for everyday spending. As of the end of June 2024, the deposit balance had grown by 32% YoY to ₱32.8 billion.
As the country’s top Digital Bank, Maya commands the largest market share in deposit balances among digital banks at 38% as of March 2024. It also has the highest number of monthly active users according to data.ai and the highest user ratings on major app stores.
Maya has revolutionized unsecured lending by developing an AI-driven credit scoring model that utilizes payments and other alternative data, enabling it to lend quickly and profitably at scale.
As of the end of June 2024, Maya has extended loans to over a million borrowers, with total loan disbursements reaching ₱47 billion. Maya has broadened unsecured credit disbursement to customers, with 59% of its borrowers taking a bank loan for the first time.
FAQs
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What awards has Maya won? 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 named the Best Virtual Bank in the Philippines for 2024 by FinanceAsia Awards and New Virtual Bank in the Philippines at the Retail Banking Awards.
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What is Maya’s approach to banking? Maya aims to simplify banking and make it beneficial for everyone. It offers a digital banking platform where users can save, borrow, spend, invest, and earn rewards all within one app.
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How has Maya impacted the banking sector in the Philippines? Maya has revolutionized traditional banking with its straightforward, intuitive, and transparent offerings. It has also contributed to an increase in the percentage of Filipinos with financial accounts.
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What unique services does Maya offer? Maya is the first to offer flexible deposit products that enable users to start small and gradually build their savings. It also offers higher interest rates to customers who use Maya for everyday spending.
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How has Maya impacted lending in the Philippines? Maya has revolutionized unsecured lending by developing an AI-driven credit scoring model that utilizes payments and other alternative data. This has enabled it to lend quickly and profitably at scale.