Maya gets recognition from Forbes Magazine

For the second consecutive year, Maya, the leading digital bank in the Philippines, has secured a prestigious position among the World’s Best Banks, as acknowledged by Forbes Magazine.

This recognition highlights Maya’s unwavering dedication to serving and delighting Filipinos across the banking spectrum, from the unbanked to the dissatisfied banked customers.

Forbes, in collaboration with market research firm Statista, conducted a comprehensive survey among banking customers to gauge satisfaction levels and willingness to recommend their respective banks. This survey catapulted Maya to the forefront, positioning it as the 3rd best bank among the nine local financial institutions that made it to this year’s global top ranks.

Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank, emphasized, “Our innovation is fueled by our desire to delight our customers. This global recognition validates our efforts and underscores the dedication of Team Maya in delivering exceptional banking services.”

Despite advancements in the banking sector, challenges persist in the Philippines. According to the 2021 Financial Inclusion Survey by Bangko Sentral ng Pilipinas, 44% of adults in the country remain unbanked. Moreover, only a fraction of banked individuals actively engage in banking services, with dissatisfaction levels evident in app ratings.

Maya has revolutionized the banking landscape in the Philippines by offering a comprehensive suite of financial services through a single digital platform. Customers can seamlessly save, borrow, spend, invest, and earn rewards with just one valid ID, eliminating the need for multiple accounts and complex processes.

Innovative Banking Products by Maya

• Maya Savings: Offers up to 14% interest per annum, significantly higher than traditional banks, with features like Personal Goals for financial planning and Time Deposit Plus for lucrative investment opportunities.
• Simplified Borrowing: Maya streamlines the loan application process by leveraging AI-driven credit scoring, enabling eligible customers to access loans of up to PHP250,000 based on alternative data points.
• Democratized Investing: Maya breaks barriers to investing by allowing users to start investing in mutual funds and stocks with amounts as low as P50, fostering financial inclusion and wealth creation.
• Maya Card: Customers receive a personalized Maya Card accepted globally at millions of merchants and ATMs, enhancing convenience and accessibility.

Maya’s all-in-one banking experience has garnered significant traction among customers, leading to a surge in engagement levels. Customers transact up to four times more than e-wallet-only users, reflecting the convenience and value offered by Maya’s platform.

In 2023, Maya witnessed remarkable growth across key financial metrics:

• Doubled depositor base to 3 million
• Achieved a 69% increase in deposit balance to P25 billion
• Recorded a sevenfold growth in loan disbursements to P22 billion

The Maya app has emerged as the top-rated consumer finance app on both Apple Store and Google Play Store, surpassing competitors in the e-wallet and banking sectors.