Maya Emerges as the Premier Digital Bank in the Philippines, Championing Financial Innovation

Maya has ascended to the forefront of the digital banking landscape in the Philippines, distinguishing itself through an integrated platform that synergizes payment and banking services. The year 2023 was particularly groundbreaking for Maya, witnessing a remarkable growth trajectory with a depositor base expanding to 3 million, a staggering 100% increase from the previous year. Furthermore, the deposit balance soared to PHP25 billion, marking a 69% upsurge from 2022. This rapid expansion is testament to Maya’s compelling value proposition, capturing a dominant 57% share of digital banking depositors as of September 2023, according to data from the Bangko Sentral ng Pilipinas (BSP).

Maya’s distinctive approach, transforming routine transactions into opportunities for customers to accrue wealth through high-interest savings, has significantly propelled its market presence. This innovative strategy is bolstered by Maya’s exponential growth in loan services, with a disbursement of PHP22 billion in the previous year, a leap from PHP3 billion in 2022. The strategic utilization of customer transaction data for efficient lending decisions has been pivotal in this success.

Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank, articulates the platform’s vision, stating, “We’re redefining how Filipinos interact with their money.” Maya’s comprehensive platform is tailored to the everyday financial needs of its customers, promising a suite of even more groundbreaking solutions. As the Philippines’ sole digital bank app offering an all-encompassing range of services including savings, credit, e-wallet, crypto, insurance, investment, and rewards, Maya has earned the distinction of being the top-rated consumer finance app on major platforms, outperforming other leading apps.

Maya’s innovative business model has not only resonated within the Philippines but has also garnered international recognition, bagging prestigious awards such as Best Digital Bank in the Philippines at the World Digital Bank Awards and featuring in Forbes Magazine’s World’s Best Banks list.

Angelo Madrid, President of Maya Bank, emphasizes the platform’s customer-centric approach, stating, “Banking shouldn’t be a chore, and that’s what we’re changing at Maya.” Maya revolutionizes banking by converting every payment into an opportunity for increased savings and smarter credit, seamlessly integrating finance into daily life. The platform offers enticing savings interest rates of up to 14% and provides eligible users with borrowing options of up to PHP250,000.

Maya’s innovative stance extends to collaborations with major brands like Smart Communications and Lazada, enhancing customer rewards and benefits. The platform’s commitment to financial empowerment is evident as it introduces a wealth of wealth-building services, including Maya Funds, Maya Stocks, Maya Time Deposit Plus, and Maya Crypto, further enriching its product portfolio.

In parallel, Maya is making significant strides in SME banking, offering a comprehensive suite of services that cater to the unique needs of SMEs. The unveiling of the 1-2-3 Grow Bundle in 2023 is a testament to Maya’s commitment to supporting SME growth, providing them with credit lines, affordable digital payment options, and attractive deposit interest rates.

As Maya cements its position as the #1 Fintech Ecosystem in the Philippines, it continues to innovate and redefine the banking experience, solidifying its status as a trailblazer in the digital banking sector.