BIZ BUZZ: Maya clinches major wins
Against the backdrop of a hyper-competitive digital banking sector in the Philippines, Maya continues to be recognized for the way it does virtual banking.
Maya has been awarded “Best Digital Savings Product“ and “Best Digital SME Lending” at The Asian Banker’s Philippine Excellence in Retail Finance Awards 2024.
These are two major wins that, the company said, sealed its status “as a game-changer in the banking sector.” The Asian Banker agreed, noting that Maya “addresses the needs of unbanked Filipinos.”
Maya boasts of a “tech-driven approach“ in banking that has expanded financial access for millions of Filipinos. The digital bank offers flexible savings with interest rates of up to 15 percent a year, and loans for consumers and small businesses.
Maya said its “high-engagement banking” links interest rates to customer app usage, boosting engagement while feeding data into its AI-driven credit scoring system. This model, the company explained, is changing consumer behavior, as frequent app users save more and qualify for loans faster.
As of June 2024, Maya’s borrower base grew to 1.2 million, with loan disbursements rising to P47 billion. Total customers expanded to 4 million, helping raise total deposits amounting to P32 billion.
