The award-winning digital platform broadens credit access and enhances financial services for the country’s underserved demographics and enterprises.
In the Philippines, a large segment of the population—particularly mobile-first younger generations and micro, small, and medium enterprises (MSMEs)—has long faced limited access to formal financial services.
In 2021, over half of Filipino adults saved at home or borrowed informally, and by 2024, only about 4–5% of bank loans reached MSMEs, which make up 99% of the country’s businesses. This underbanking presents a challenge to financial inclusion and economic growth.
This element of underbanking represents a challenge for financial inclusion and economic development.
To address this gap, a digital banking platform, Maya Bank, was introduced in the country in 2021, aiming to serve the underserved market segments by offering a seamless, fully digital banking ecosystem combining digital banking and payment services. The Maya platform focuses on delivering accessible and easy-to-use financial products tailored to the needs of millennials, Gen Z, and MSMEs.
How technology was applied to resolve core obstacles
Key challenges addressed involved low financial inclusion, limited credit access, inefficient credit decision processes, fraud risks, and the need for personalized financial products. The technical solutions implemented involved:
By the first quarter of 2025, Maya has already achieved notable growth metrics:
According to Maya’s Group President and co-founder, Shailesh Baidwan: “We’ve built a platform that makes managing finances simple, smart, and accessible for consumers and enterprises, demonstrating how digital banking can create meaningful impact at scale.”
The success of Maya Bank challenges the status of incumbent Philippine banks, which operate on legacy systems and serve as technology backbone behemoths within the financial ecosystem. The legacy banks now face pressure to adapt and innovate to maintain relevance. Continued success in such markets will likely depend on close collaboration with platforms leveraging integrated digital ecosystems and data-driven insights, and sustainable digital transformation requires committed partnerships and continuous innovation.
