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For the second consecutive year, Maya, the #1 Digital Bank in the Philippines, clinched a spot among the World’s Best Banks – a nod from Forbes Magazine for Maya’s commitment to serving and delighting Filipinos, from the unbanked to the unhappily banked.
Forbes, together with market research firm Statista, surveyed customers on their banking satisfaction and willingness to recommend their bank, propelling Maya to stand out as the 3rd best bank among the nine local financial institutions to hit this year’s global top ranks.
“Our innovation is fueled by our desire to delight our customers,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “This global recognition shows we’re on the right track, and it’s a testament to the hard work of Team Maya.”
Bringing Delightful Banking to Filipinos
In the Philippines, banking challenges persist: 44% of adults remain unbanked, as per the 2021 Financial Inclusion Survey by Bangko Sentral ng Pilipinas. Despite 18 million having bank accounts, a mere 1.4 million have taken bank loans and only 9 million save with banks, the same BSP survey says. Dissatisfaction among banked Filipinos with their banking apps is also common, reflected in underwhelming app ratings.
Banking with Maya simplifies everything: with just one valid ID, customers can save, borrow, spend, invest, and earn rewards—all within a single digital banking app. There are no minimum savings or no balance requirements.
While traditional banking might offer paltry interest rates on savings, Maya offers up to 14% per annum (p.a.) with its innovative high engagement banking product.
Maya Savings includes personal budgeting and financial management tools like Personal Goals, providing up to 4% interest p.a. without lock-ins, and Time Deposit Plus, allowing investments that can yield up to 6% interest p.a.
In traditional banking, borrowers need to show proof of income and a long list of documents and IDs. Maya makes the process much easier. Eligible customers can access up to PHP250,000 in loans, based on AI-driven credit scoring that considers alternative data such as payments history and app usage.
Maya also democratizes investing. Where traditional banking often sets minimums between P1,000 and P5,000, Maya enables users to start investing in mutual funds and stocks for as little as P50 through its partners.
Finally, customers can receive the globally accepted Maya Card for free. It’s personalized with their @username and accepted at over 130 million merchants and ATMs worldwide.
Maya’s all-in-one banking experience has led to unprecedented growth in customer engagement, with bank customers transacting up to 4x more than e-wallet-only users. The Maya app is also the #1 top-rated consumer finance app on Apple Store and Google Play Store, outperforming other e-wallets and banks.
With its growing network of highly engaged customers, Maya has doubled its depositor base to 3 million, achieved a 69% increase in deposit balance to P25 billion, and booked a sevenfold growth in loan disbursements to P22 billion in 2023.
Maya is the #1 Fintech Ecosystem in the Philippines, with Maya, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. To learn more about Maya, visit maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok.
