WebClick Tracer

March 05, 2024

Maya spearheads digital banking revolution in Southeast Asia

The recently concluded Singapore Fintech Festival witnessed Maya, acclaimed as the Best Digital Bank in Southeast Asia, taking center stage and showcasing the Philippines’ pioneering role in advancing digital banking adoption, especially among the unbanked and underserved populations. At the exclusive Elevandi Insights roundtable on the Advancement of Financing and Investment for Digital Inclusion, organized by the International Finance Corporation (IFC), World Economic Forum (WEF), and the Monetary Authority of Singapore (MAS), in conjunction with the Fintech Festival, Maya’s President, Shailesh Baidwan, emphasized the transformative impact of digital banking.

Maya, recognized by the World Digital Bank Awards and Forbes Magazine, stands out as a trailblazer in the region, offering a full spectrum of financial services under one app for consumers and a unified platform for businesses. Baidwan stated, “We have proven that digital banking is the real game changer. Our approach – of providing financial services in one app with a next-level experience – has reshaped consumers’ relationship with their finances.”

During the roundtable discussion, Baidwan highlighted Maya’s exceptional growth, drawing 2.6 million Filipinos in just over a year. He attributed this success to Maya’s commitment to constant innovation, stating, “And we are constantly adding more pioneering and game-changing innovations.” The Philippines, propelled by forward-thinking regulations, has experienced a remarkable 44% surge in digital bank deposit accounts from March to June 2023, outpacing the overall banking system’s growth of just 8%. Baidwan pointed out that Southeast Asia, according to recent World Bank data, presents vast untapped potential, with only 28% of adults saving in banks and a mere 19% borrowing from them.

Maya, formerly PayMaya, transitioned in April 2022 and has since revolutionized Philippine banking with cutting-edge services integral to millions of lives. The platform’s engaging approach turns everyday spending into rewarding experiences, offering users high-interest rates credited daily into their deposit accounts for using Maya for payments. Additionally, Maya pioneers the use of alternative data, such as payment transactions, for robust AI-driven credit scoring, enabling instant borrowing within the app.

Maya’s holistic platform has significantly shifted consumer preferences toward digital banking. Users engaged with Maya’s multi-product offerings transact 2 to 4 times more often than e-wallet-only users, resulting in an impressive increase in revenue per user.

The tangible results of Maya’s success are evident in its robust deposit base of 2.6 million users, with PHP 23.5 billion in deposits as of the end of September 2023. Moreover, Maya has disbursed PHP 16 billion in loans in the past twelve months, solidifying its position as the #1 Fintech Ecosystem in the Philippines, featuring Maya as the #1 Digital Bank and Maya Business as the #1 Omni-Channel Payment Processor.