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May 27, 2024

Back to back win: Maya named one of world’s best banks again by Forbes

For the second time in a row, Maya, the top digital bank in the Philippines, has been named one of the best banks in the world by Forbes magazine.

This recognition underscores Maya’s dedication to meeting the diverse banking needs of Filipinos, from the unbanked populace to dissatisfied customers of traditional banks.

In collaboration with renowned market research firm Statista, Forbes conducted exhaustive customer satisfaction surveys, catapulting Maya to the third position among nine local financial institutions featured in this year’s global top rankings.

Shailesh Baidwan, Maya Group president and co-founder of Maya Bank, said: “Our commitment to innovation is deeply rooted in our steadfast pursuit of customer satisfaction. This global recognition validates our strategic direction and underscores the collective efforts of Team Maya.”

Despite notable strides, significant banking challenges persist in the Philippines, with 44% of adults remaining unbanked, according to the 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas. Widespread discontent with traditional banking services, particularly banking apps, remains a key concern among Filipino consumers, evident in subdued app ratings.

Maya redefines the banking landscape, offering a seamless and comprehensive array of services accessible through a single digital platform, requiring just one valid ID. This encompasses savings, lending, spending, investing, and rewards programs, with no minimum balance requirements.

In contrast to conventional banks’ conservative interest rates on savings, Maya offers up to 14% per annum through its innovative high-engagement banking product.

With Maya, the loan application process is streamlined, leveraging AI-driven credit scoring that factors in alternative data such as payment history and app usage. Eligible customers can access loans of up to P250,000 without the cumbersome documentation typically associated with traditional banking.

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