The Philippines is at the forefront of a digital banking revolution in Southeast Asia, spearheading efforts to bring banking services to the unbanked and dissatisfied bank users. This revelation came from a Maya executive during the Singapore Fintech Festival (SFF), the premier fintech event in Asia.
Maya, recognized as the Best Digital Bank in Southeast Asia by the World Digital Bank Awards and acknowledged by Forbes Magazine as one of the World’s Best Banks, emerges as a trailblazer in the region. As the #1 Digital Bank in the Philippines, Maya is celebrated for redefining the financial journey by offering a comprehensive range of financial services through a single app for consumers and a unified platform for businesses.
Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, emphasized, “We have demonstrated that digital banking is a true game-changer. Our approach of consolidating financial services in one app with a next-level experience has transformed consumers’ interactions with their finances.” Baidwan spoke 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 collaboration with the SFF—a premier event that serves as a convergence point for finance, policy, and technology pioneers.
Recent World Bank data underscores the significant potential in Southeast Asia, where 65% of adults (excluding Brunei and Timor Leste) own financial accounts on average, but only 28% save in banks, and a mere 19% borrow from them.
Digital banks in the region, fueled by forward-thinking regulations, respond to this need for evolution through breakthrough innovations and superior customer experiences. The Philippines has experienced a remarkable 44% surge in digital bank deposit accounts from March 2023 to June 2023, compared to the overall banking system’s growth of just 8%.
Innovation lies at the heart of Maya’s success. Transitioning from PayMaya in April 2022, Maya has ushered in a new era in Philippine banking, introducing cutting-edge services that have become integral to millions of lives. The platform revolutionizes digital banking by transforming everyday spending into rewarding experiences. Maya users earn high-interest rates, credited daily into their deposit accounts, simply by making payments through the app.
Furthermore, Maya pioneers the use of alternative data, such as payment transactions, to create robust AI-driven credit scoring, enabling instant borrowing within the app. Maya’s holistic platform has shifted consumer preferences towards digital banking, with users engaging in multi-product offerings transacting 2 to 4 times more frequently than e-wallet-only users, resulting in a significant increase in revenue per user.
Tangible results of this shift are evident in Maya’s robust deposit base of 2.6 million, with PHP 23.5 billion in deposits as of end-September 2023. Over the past twelve months, Maya has disbursed PHP 16 billion in loans, solidifying its position as the #1 Fintech Ecosystem in the Philippines, with Maya as the #1 Digital Bank and Maya Business as the #1 Omni-Channel Payment Processor.