by Jan Michael Carpo, Reporter
Maya Bank, a digital lending leader in the Philippines, has achieved a record milestone by disbursing a total of PhP 67 billion in loans by the end of September, thanks to its use of artificial intelligence (AI) for credit evaluation.
This achievement highlights Maya Bank’s commitment to expanding loan accessibility, particularly for Filipinos who often face challenges with traditional lenders.
“AI is changing the way we do banking,” said Alfred Lo, Chief Technology Officer of Maya Group. “It’s not just about making credit available; it’s also about helping us better understand people’s financial habits so that we can provide solutions that work for them.” Through AI-driven insights, Maya has redefined credit evaluation, moving beyond traditional metrics and considering customer behaviors, past transactions, app usage, and small purchases such as groceries and bills.
Maya Bank offers quick approvals through its mobile app
Maya’s AI system enables the bank to process as many as 50,000 loan applications daily, providing customers with quick approvals through its mobile app, often within hours.
The bank’s use of predictive modelling ensures that loans are tailored to match each borrower’s unique risk profile, a shift that has transformed Maya’s lending services since its debut in 2022. Risk management forms the backbone of Maya’s lending approach, with AI playing a pivotal role in accurately assessing borrower reliability.
The AI model continuously monitors financial activity, targeting borrowers who have demonstrated responsible repayment behaviors and dynamically adjusting credit limits to ensure that debt levels remain manageable.
This approach has led to a significant decrease in default rates, which Maya claims have dropped by more than half since the bank launched its loan services.
In addition to enhancing credit assessments, Maya’s AI technology is instrumental in fraud detection, identifying fraudulent loan applications and preventing unauthorized withdrawals. This commitment to secure and reliable lending not only protects the bank but also builds trust with customers.
Earlier this year, Maya Bank also announced near profitability as its digital lending and fintech ventures started to flourish in 2024, resulting in a positive cash flow recorded in the second quarter of this year.
Increasing credit availability, establishing new benchmarks
As Maya noted in a recent statement, “Maya is not only increasing credit availability but also establishing new benchmarks for banking in the Philippines by combining cutting-edge technology with a customer-focused approach.”
Maya Bank’s success in digital lending has also fueled its expansion into other financial products. Recently, the bank partnered with major retailer Landers to launch a new credit card, marking Maya’s first venture into the credit card sector. This new product leverages AI to determine individualized credit limits and repayment terms, offering users a personalized experience designed to support responsible borrowing.
Maya Bank, a subsidiary of Voyager Innovations Inc., is one of six digital banks licensed by the Bangko Sentral ng Pilipinas (BSP). Since obtaining its license, the bank has consistently prioritized technology and customer-centric services to stand out in the competitive digital banking sector.
Through its advanced use of AI, Maya Bank has not only expanded credit access but also set a new standard for digital banking in the Philippines, making it a prominent example of innovation in financial services.
This latest milestone underscores the potential of digital banking and AI in bridging financial gaps in the country. By using AI to enhance credit evaluation, manage risk, and detect fraud, Maya Bank has demonstrated the transformative power of technology in banking.
Moving forward, the bank’s continued focus on innovation and strategic partnerships suggests a bright future for digital finance in the Philippines, where technology and accessibility go hand-in-hand to meet the evolving needs of Filipino consumers.