In today’s rapidly evolving financial landscape, selecting a reliable and secure banking partner is crucial for managing your money effectively. The Bangko Sentral ng Pilipinas (BSP), as the central monetary authority of the Philippines, plays a vital role in maintaining the integrity and stability of the country’s financial system. The BSP ensures that all licensed financial institutions, such as digital banks like Maya, uphold high standards of safety, reliability, and trustworthiness by setting and enforcing regulations. This regulatory framework safeguards the financial system and protects consumers like you from potential risks.
BSP-Supervised Financial Institutions are expected to comply with the BSP requirements, covering everything from capital adequacy to consumer protection. These standards help ensure that your bank operates with transparency, follows sound business practices, and provides a secure environment for managing your finances.
In this article, we’ll explore why banking exclusively with BSP-supervised institutions is a smart choice.
1. You Can Be Assured Your Funds are Secured
One of the most compelling reasons to bank with BSP-supervised institutions is the assurance that your money is protected. BSP-supervised banks are required to comply with stringent regulations, including maintaining sufficient capital reserves and implementing effective risk management strategies. These measures are designed to mitigate risks such as insolvency, ensuring that depositors' funds remain safe even in times of financial uncertainty. Digital banks are also a mandatory member of Philippine Deposit Insurance Corporation (PDIC). Hence, in the unlikely event of a bank closure, PDIC help protects depositors by paying deposit insurance on all valid bank deposits up to the coverage limit. Depositors are insured up to P500,000 by the PDIC.
BSP digital banks are also held to the same rigorous standards as traditional banks. They must implement robust cybersecurity protocols, safeguard customer data, and employ advanced encryption technologies to protect online transactions. In the case of Maya, logging into the app to access your account requires your alphanumeric password or fingerprint ID. You can also log in using Face ID. As an added security measure, you can only log in to one device at a time. If you need to log in to a new device, you’ll need to enter a one-time PIN, which is sent to your registered mobile number. Hence, as a result of these controls, it is expected that only the account owner who knows his or her own account credentials can access the account.
2. BSP-Supervised Financial Institutions are Credible and Trustworthy
A BSP digital bank license serves as a badge of credibility, ensuring protection from insolvency. This accreditation proves that a digital bank is more than just an innovative e-wallet app; it is a legitimate financial institution with a solid reputation. The licensing process includes thorough checks on the bank’s capital adequacy, ensuring it has the financial strength to operate sustainably. This rigorous assessment helps mitigate the risk of insolvency, offering customers greater confidence in the bank’s long-term stability.
In addition to financial stability, a digital bank license also signifies adherence to robust and effective IT risk management practices. The licensing process includes an evaluation of the bank’s technological infrastructure, ensuring that it meets the high standards set by the BSP. This helps guarantee that the bank employs secure and reliable systems to protect against cyber threats, data breaches, and other IT risks, safeguarding both the bank’s operations and its customers.
Additionally, licensed banks are required to provide regular financial reports, undergo audits, and remain transparent in their operations. This further enhances a financial institution’s credibility, which is especially valuable in a digital-first world where new players constantly enter the market. Generally, when you choose a BSP-supervised digital bank, it means you are banking with a proven entity that values trust and reliability.
3. BSP-Supervised Financial Institutions Have Consumer Protection Policies
BSP-supervised banks are also obligated to follow consumer-centric practices that prioritize fairness and transparency. This means that all BSP-regulated financial institutions, whether traditional or digital banks, must provide clear terms and conditions. They should disclose fees upfront and ensure that contracts do not have hidden clauses detrimental to customers. Should an issue arise, customers have the right to escalate it to the BSP for mediation.
Digital banks supervised by the BSP must also adhere to these consumer protection mandates, offering customer support aligned with regulatory standards to resolve disputes promptly. If Maya account holders have any questions or concerns, for example, they can head to our dedicated help and support page. Users can also get 24/7 assistance through the app’s Help Center. Simply log in to Maya, access your profile, and tap “Get Help.”
4. BSP-Supervised Financial Institutions Comply with Global Standards
BSP-supervised financial institutions don’t just meet local standards; they also comply with international banking regulations. These guidelines often align with frameworks set by global organizations such as the Basel Committee on Banking Supervision, which promotes the stability of the financial system. This international compliance ensures that the financial institutions operating in the Philippines contribute to a secure and resilient global financial network.
5. You Get Access to Reliable Services
BSP-supervised banks are known for offering reliable and comprehensive services. Aside from maintaining secure platforms for digital banking, these institutions also provide a range of financial products tailored to various customer needs, from basic savings accounts to more complex investment options.
Maya, for instance, offers innovative financial solutions that cater to diverse customer needs. Maya Savings, the flagship savings product, is a high-yield savings account with a competitive interest rate of 3.5% p.a. that can be boosted all the way up to 15% p.a. for balances of up to PHP 100,000, enabling customers to grow their money effortlessly while enjoying the convenience of a fully digital banking platform. For those looking to save with specific objectives in mind, Maya Personal Goals allows users to create up to five personalized sub-accounts that earn 4% interest p.a., each one of which can be dedicated to a unique goal. Additionally, Maya Time Deposit Plus is an excellent option for customers seeking higher returns of up to 5.75% interest p.a. through fixed-term deposits. Both Maya Personal Goals and Maya Time Deposit Plus accounts earn interest on balances up to PHP 1 million per account.
Maya also provides features such as real-time balance updates, seamless fund transfers, and quick access to credit and investments. And since it is one of the six BSP-supervised digital banks, you can trust that these tools are developed under strict oversight, making them secure and effective.
For Filipinos seeking a reliable banking experience, choosing a BSP-supervised bank, whether physical or digital, provides assurance that one’s money is in safe hands and one’s rights as a customer are prioritized. Before opening an account, always check for the BSP seal to ensure your peace of mind.