Maya wins Top Asian Banker Awards for revolutionizing savings and SME lending

PHOTO: [L-R] Maya Bank Deposits Manager Candice Geordesa Chee and Maya Group Head of Retail and MSME Renan Santiago receive awards for Best Digital Savings Product and Best Digital SME Lending at The Asian Banker Philippine Awards 2024.

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Maya, the #1 Digital Bank in the Philippines, 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, offering 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 ₱2 million, addressing the current market gap where 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 end-June 2024, Maya’s borrower base grew to 1.2 million, and life-to-date loan disbursements rose to ₱47 billion. Total customers grew to 4 million, with total deposits reaching ₱32 billion.