Over just a few years, digital banks like Maya have completely changed how Filipinos manage their money, opening up a once-unimaginable world of financial inclusion and stability for everyone. Today, the experience of lining up for hours every payday at physical bank branches and billing centers is more of a novelty than a necessity. More importantly, these banks have enabled the rise of a true digital economy that has financially empowered millions of Filipinos.
As a BSP-accredited digital bank, Maya is just one of a handful of financial technology companies with the distinction of being a Bangko Sentral ng Pilipinas-supervised financial institution (BFSI), pegging it as a safe choice for Filipino consumers. Featuring leading-edge security on top of industry-leading boosted interest rates of up to 15% per annum, Maya has distinguished itself as the Philippines’ #1 digital bank in monthly active users.
Yet, even with excellent choices like Maya, it’s understandable that some Filipinos still hesitate to fully trust online financial services. Cyberthreats like phishing, scams, and identity theft are undoubtedly real, highlighting the need for a national initiative to protect the country’s growing number of digital banking users. The Bangko Sentral ng Pilipinas (BSP) recognized these challenges and launched its Financial Consumer Protection Framework to ensure that all banks—especially today’s rising digital banks—can credibly protect their account holders.
Fortunately, Maya isn’t just a compliant BSP digital bank, it’s also a trailblazer when it comes to protecting increasingly tech-savvy Filipino consumers. Here’s how BSP-compliant digital banks like Maya follow the Financial Consumer Protection Framework.
1. Complete Licensing and Regulatory Compliance
Maya is just one of only six BSP-licensed digital banks in the country, guaranteeing account holders total transparency, stability, and accountability. Accreditation means Maya has passed the same rigorous compliance checks given to traditional banks, ensuring all your transactions are regularly monitored for consumer safety. For users, this adds a layer of trust—you're dealing with a bank that’s legit and secure. BSP oversight guarantees your digital bank follows national laws and global best practices.
2. Bank Confidently with PDIC Protection
All deposits in your Maya Savings account are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to PHP1,000,000 per depositor. This coverage keeps your savings protected even in the unlikely event that the bank faces financial difficulties. The PDIC is a key pillar in BSP’s protection framework, creating trust in the Philippine banking system and in participating institutions.
3. Multilayered Digital Security Infrastructure
Maya goes beyond the bare minimum for compliance, constantly pushing the envelope to keep your savings secure from current and future challenges. It uses an array of security measures so that only you have control of your money. Through the Maya App, you can freeze your card, change passwords, and report suspicious activity.
4. Advanced, Globally Recognized Fraud Prevention Systems
Maya uses a fraud prevention platform that is also used by other top global fintech companies, leveraging advanced analytics and machine learning to keep tabs on potential fraud in real time. It also meets globally recognized industry certifications like ISO27001, ISO27701, and PCI-DSS, proof of Maya’s proactive stance in guarding your funds and your data.
5. Transparent Consumer Communication
Not all financial risks come from cybercriminals. Complete financial safety also involves making the right choices with your funds. To this end, the BSP framework emphasizes transparency in pricing, transactions, and terms. Maya makes this simple by showing all your activity in real-time while also letting you manage all key aspects of your finances directly in the app.
Even better, financial products that were once difficult to understand can now be set up with just a few taps on your Maya App. Whether you’re setting up Maya Personal Goals to fund your dream vacation or a Maya Time Deposit Plus account to build your wealth, Maya ensures that all terms, rates, and timelines are clearly displayed, with no fine print to confuse you and no guesswork required.
6. Proactive Scam Awareness Education
Maya regularly provides iwas scam tips so you’re fully informed of the latest tactics used by cybercriminals. You’ll get the inside scoop on how to protect your funds through social media, in-app messages, and support articles, giving you valuable knowledge to spot and stop threats before they can do any damage. This commitment to consumer education directly aligns with BSP’s goal of improving financial literacy throughout the Philippines.
A Safer, More Rewarding Financial Journey Awaits with Maya
Maya stands apart from the competition by going above and beyond the BSP’s Financial Consumer Protection Framework. Rather, it is now actively shaping the future of Philippine consumer finance and providing a safe experience for all Maya users. From up-to-date security features to top-tier consumer support, Maya gives account holders everything needed to bank safer and smarter.
With amazing boosted interest rates of up to 15% p.a., world-class fraud protection, and 24/7 support, Maya has proven time and again why it is the top digital bank in the Philippines. When you’re ready to experience safe, world-class banking, download the Maya app. Once you have the Maya app, upgrade it to open a high-interest Maya Savings account and enjoy the full benefits of the country’s most trusted BSP- digital bank.
