If you’re like most Filipinos, you’re probably doing more and more of your transactions online. And with online scams and financial fraud on the rise, it’s only natural to ask if your bank really is secure.
That’s why choosing BSP-supervised financial institutions (BSFIs) makes a difference. BSFIs are financial institutions that operate under the direct oversight of the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central monetary authority. An official BSFI designation means the institution follows strict guidelines related to capital reserves, consumer protection, risk management, cybersecurity, and transparency. To put it simply, it’s a signal that a financial institution is playing by the rules and doing what it has to to keep its clients’ money protected.
If you’ve banked with Maya, you’ll be glad to know that you have used the services of one of the country’s most dynamic BSFIs. Indeed, Maya is just one of six digital banks officially licensed by the BSP, making it a safe choice for your savings account and other personal finance needs. In this guide, we’ll break down what BSP supervision and licensing mean, and how a BSP-accredited digital bank like Maya—the Philippines’ #1 digital bank—meets or even exceeds strict standards.
Why BSP Supervision Should Matter to You
BSP supervision means your bank is accountable to a nationally recognized authority, giving you legal recourse in case an incident directly affects your funds. With the Philippines’ central monetary authority supervising it, a BSP digital bank is held to higher standards compared to any informal financial operation. When you go with BSFIs like Maya, you can fully expect the following:
- Deposit Insurance: Maya Savings and other BSFI products are insured by the PDIC (Philippine Deposit Insurance Corporation) for up to PHP 1,000,000. This guarantee ensures that your money is safe even in the extremely unlikely event that your bank becomes insolvent.
- Stronger Fraud Protection: BSFIs must implement comprehensive fraud monitoring systems and user protections to maintain their license. Maya goes beyond the bare minimum with proactive, cutting-edge security to keep your money safe from present and future threats.
- Data Privacy and Cybersecurity: With the rise of cybercrimes, the BSP has issued strict guidelines for licensed banks, subjecting them to strict data protection rules. With a BSP-supervised bank, your personal information is just as safe as your funds.
When you choose a BSP-accredited digital bank like Maya, you’re not just getting convenience but you’re also getting the same peace of mind that you’ve come to expect from a traditional banking institution. If you’ve been wary of digital banking, BSP licensing offers a great reason to get on board.
Maya: A BSFI That Helps You Grow Your Money
Of course, safety, convenience, and PDIC insurance are just the beginning. If you have savings, you want to make sure your bank grows your money faster. Maya delivers exactly that with a selection of high-interest savings products that you can access right within the convenient Maya App. Here are some of Maya’s industry-leading offerings:
- Boost Interest Up to 15% a Year with Maya Savings. Don’t settle for the very low interest rates offered at traditional banks. Maya Savings offers an amazing base interest rate of 3.5% p.a., which you can boost up to 15% p.a., simply by using Maya for daily transactions like bill payments, buying load, and shopping online. And unlike with many traditional banks, there’s no minimum balance, no complicated processes, and no mountains of documents involved.
- Save Up for Dream Vacations and More with Maya Personal Goals. If you’re saving for something specific like an overseas trip, an emergency fund, or maybe even a new motorcycle, Maya Personal Goals gives you more control and more ways to succeed. This feature helps you organize your savings in up to five dedicated pockets, each with a custom name, due date, and goal amount. Even better, you can earn up to 4% p.a. on each one.
- Secure Long-Term Wealth with Time Deposit Plus. Maya Time Deposit Plus lets you grow your money with 3, 6, or 12-month terms and interest rates of up to 6% p.a., earning up to PHP 5 million on your savings. Unlike traditional time deposits, Time Deposit Plus even lets you top up until you reach your target, giving you much more flexibility and more ways to grow your wealth.
Convenient, Everyday Banking Backed by Credible Protections
The term “BSP-supervised financial institution” means so much more than it first seems. With Maya, everything from bills to shopping online is not only more convenient but also safer thanks to BSP regulations and next-level security. Building your savings and managing your money has never inspired this much confidence.
Download Maya today and explore its complete lineup of personal finance products and services. With comprehensive regulatory oversight from the BSP, you can feel confident that Maya is the right choice for building your financial future.
