Maya Named PH’s Best Digital Bank in Top Global Recognitions

by dotdailydose August 7, 2024, 9:13 PM 146 Views 32 Comments

Maya has once again earned top global awards for revolutionizing banking for every Filipino, from the unbanked to the unhappily banked.

For the second straight year, Maya was 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. Recently, it was named the Best Virtual Bank in the Philippines for 2024 by FinanceAsia Awards in Hong Kong and New Virtual Bank in the Philippines at the Retail Banking Awards in Singapore.

Maya also ranked 3rd in the Philippines in Statista and CNBC’s inaugural Best Banks – Asia Pacific 2024 report and made Forbes Magazine’s World’s Best Banks 2024 list for the second year.

Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank, said, “Every day, we’re driven to make banking simple, intuitive, and useful for everyone. In just over two years, we’ve shown that digital banking with Maya is the fastest and easiest way to boost the financial health of Filipinos. These new recognitions from our peers truly validate our efforts.”

Addressing Banking Challenges

In the Philippines, where banks symbolize upward mobility and financial security, traditional banking is often inconvenient, leaving many without easy access to financial accounts or credit services.

Fintech solutions have stepped up to address these banking woes, helping raise the number of Filipinos with financial accounts from 29% in 2019 to 56% in 2021, thanks to digital payments. Despite these advances, 52% of Filipino adults still save at home, and 57% rely on informal borrowing in 2021, according to the Bangko Sentral ng Pilipinas.

Maya revolutionized traditional banking with simple, intuitive, and transparent products. With just one ID, Filipinos can save, borrow, spend, invest, and earn rewards all within one app – a first in the Philippines.

Reinventing savings in the Philippines, Maya is the first to offer flexible deposit products, such as time deposit, that allow users to start small and build over time. It is also the pioneering bank to offer higher interest rates the more they use Maya for everyday spending. As of end-June 2024, deposit balance grew by 32% YoY to ₱32.8 billion.

Recognized as the country’s #1 Digital Bank in the Philippines, Maya holds the largest market share in deposit balances among digital banks at 38% as of March 2024. It also boasts the highest monthly active users according to data.ai and the highest user ratings on major app stores.

Maya revolutionized unsecured lending by creating an AI-driven credit scoring model that uses payments and other alternative data, allowing it to lend profitably with speed and at scale.

As of end-June 2024, Maya has provided loans to over a million borrowers, with total loan disbursements life-to-date reaching ₱47 billion. Maya has expanded unsecured credit disbursement to customers, with 59% of its borrowers taking a bank loan for the first time.