MANILA, PHILIPPINES — Digital bank Maya has earned Best Digital Savings Product and Best Digital SME Lending at The Asian Banker’s Philippine Excellence in Retail Finance Awards, affirming its status as a game-changer in the banking sector.
Maya’s tech-driven approach has expanded financial access for millions of Filipinos. It offers flexible savings with market-leading interest rates of up to 15% per annum and loans for consumers and small businesses. This recognition comes as Maya grows its customer base and loan portfolio, demonstrating its commitment to inclusive, seamless financial solutions.
“We’ve changed the narrative by making banking much more accessible, rewarding, and integral to everyday life,” said Shailesh Baidwan, Maya Group President and Co-founder of Maya Bank.
Maya’s “high-engagement banking” links interest rates to customer app usage, boosting engagement and feeding data into its AI-driven credit assessment system. This model is changing consumer behavior— more frequent app users save more and qualify for loans faster, building credit histories without the usual paperwork.
“By focusing on financial health and engagement, Maya addresses the needs of unbanked Filipinos,” noted The Asian Banker.
Maya’s 1-2-3 Grow Bundle supports small businesses with digital payment solutions, high-interest accounts, and loans of up to PHP2 million. It addresses the current market gap in which SMEs secure only 4% of total bank loans.
“Maya’s focus on SME banking, supported by partnerships with large anchor clients and proprietary underwriting models, demonstrates its commitment to addressing the fragmented SME financial services ecosystem and expanding access in underserved areas,” The Asian Banker said.
As of June 2024, Maya’s borrower base grew to 1.2 million, and life-to-date loan disbursements rose to PHP47 billion. Total customers grew to 4 million, with total deposits reaching PHP32 billion.
Maya is the number one Fintech Ecosystem in the Philippines, with the number one Digital Bank, and the leading omni-channel payment processor in the country. Maya Bank is regulated by the Bangko Sentral ng Pilipinas (BSP), and its deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP500,000 per depositor.
For more information, visit maya.ph and mayabank.ph. Follow Maya on social media at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok, and @mayaofficialph on Twitter.
