Managed MongoDB is a fully managed database as a service (DBaaS) offering from DigitalOcean, built in partnership with and certified by MongoDB Inc. It simplifies the administration of MongoDB clusters, allowing developers to focus on building their applications. The benefits include easy setup and maintenance, automatic daily backups, automatic updates, high availability with automated failover, scaling capabilities, and secure data encryption. DigitalOcean's Managed Databases supports various engines, including Managed MongoDB, which is currently available in NYC3, FRA1, and AMS3 regions.