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Quick Answers
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What does it mean for a bank to be BSP-supervised?
It means the bank follows strict regulations set by the Bangko Sentral ng Pilipinas, including requirements for financial stability, risk management, and customer protection.
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How does BSP supervision protect my money?
BSP-supervised banks must maintain secure systems, safeguard deposits, and follow strict cybersecurity and anti-fraud measures.
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What benefits can I expect from banking with a BSP-supervised institution like Maya?
You get competitive interest rates, innovative digital banking products, and assurance that services meet industry standards for safety and fairness.
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Why is BSP supervision especially important for digital banking?
It ensures that even in a fast-changing financial technology landscape, your bank remains reliable, trustworthy, and compliant with national laws.
It’s easy to assume all banks or money apps offer the same basic services. In reality, however, not all financial providers are equal when it comes to safeguarding your funds and giving you peace of mind. The Bangko Sentral ng Pilipinas (BSP) plays a key role in that. As the country’s central bank, the BSP supervises banks and financial institutions to ensure they follow strict standards that are meant to protect consumers like you.
When you bank with a BSP-supervised financial institution (BSFI), you're not just opening an account. You’re choosing to work with a provider that has been thoroughly vetted, regularly monitored, and held accountable for how it handles your money. Maya, for example, is one of only six BSP-accredited digital banks in the Philippines. This means that Maya operates with full supervision from the BSP. Meanwhile, by choosing to do business with a BSP digital bank, you’re making sure you can enjoy the following benefits:
You Can Be Certain That Your Funds Are Protected from the Start
If you’ve ever heard of someone losing money to a shady app or an unregistered money handler, it’s usually because they trusted a provider that isn’t supervised. A BSP-accredited digital bank like Maya is required to follow strict financial, operational, and cybersecurity standards. This set of standards covers everything from how they store your money to how they process transactions.
Using Maya to manage your funds allows you to benefit from bank-level encryption and fraud detection tools. This means you can have peace of mind that your money is safe at all times. You’re not only protected by the technology, but by the very fact that your chosen financial services provider is accountable to the central bank.
You Have Somewhere to Turn When Things Go Wrong
Problems can happen even with the best banks. This can come in the form of a delayed transfer, an unrecognized charge, or a failed deposit. But when your provider is supervised by the BSP, there are clear rules on how they must handle these situations. You also have the right to dispute charges or even file formal complaints. More importantly, the BSP can step in when needed.
To handle these issues, Maya offers in-app support and customer service channels that adhere to BSP’s consumer protection standards of conduct. You can raise your concerns with BSFIs at any time and expect swift resolution to your issues. In contrast, if you’re using a financial app that isn’t BSP-supervised, your options might be limited to automated chatbots or unanswered emails.
You Can Ensure the Financial Products You Use Are Legal and Legitimate
Anyone can build an app, but not everyone can call themselves a bank. When you use services from a BSFI, you're getting access to products that have been reviewed and approved by the BSP—from deposit accounts to time deposits and loans.
For example, before Maya launched services and products like Maya Savings and Time Deposit Plus, the #1 digital bank in the Philippines had to meet regulatory standards that cover financial soundness, operational capacity, and customer safeguards. This means that Maya is able to realize its promise of offering high interest rates of up to 15% p.a. to Maya Savings users who are able to meet the bank’s requirements. When you’re using the services of a real bank, these claims are much more than lip service.
You’re Covered by Deposit Insurance
No one wants to think about banks closing down, but if it ever happens, deposit insurance becomes a lifesaver. BSFIs that are members of the Philippine Deposit Insurance Corporation (PDIC) insure your deposits up to PHP 1 million per depositor. That’s a government guarantee, not just a company promise.
People who’ve left large sums in non-supervised platforms can expect a long and arduous recovery should their financial services providers fail. If you’re working with a BSP-accredited digital bank like Maya, you can count on the fact that your deposits are insured. As such, you know exactly where you stand in any scenario.
You Avoid Hidden Fees and Unpleasant Surprises
BSFIs must be transparent. They are required by the BSP to disclose all fees, interest rates, and terms clearly. As a consumer who uses the services of a BSFI, you won’t get caught off guard by hidden charges or sudden rule changes. For example, Maya makes it easy to view your current savings rate, understand how interest is calculated, and track earnings in real time. This level of clarity helps you make better financial decisions and keeps providers honest about what they’re offering.
You Benefit from Tech Without Giving Up Accountability
A lot of financial apps offer flashy features, but not all of them are regulated. When you use a BSP-supervised platform, you can enjoy the convenience of digital banking without sacrificing accountability. You're not just tapping into innovation—you’re doing so through a system that holds your provider responsible.
Maya is built to deliver that balance. You can save, pay, invest, and borrow in one app, but everything happens under BSP oversight, which ensures the features are reliable and secure. Whether you’re topping up your e-wallet or opening a Maya Personal Goal account, you’re interacting with a platform that has to meet professional and regulatory standards.
Choose to Transact with a BSP-Supervised Financial Institution and Enjoy a Multitude of Advantages
Banking with a BSP-supervised financial institution (BSFI) isn't just a smart choice; it’s a protective measure that works in your favor. It gives you access to high-earning products, ensures your rights as a customer are upheld, and offers peace of mind in a fast-changing digital world. With a trusted BSFI like Maya, you can enjoy all the perks of modern finance while keeping your money safe and your future secure.
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