CONCERNS have been raised by House Deputy Majority Leader Erwin Tulfo regarding the operations of Maya Digital Savings Bank, a prominent digital savings bank in the Philippines, which also offers mobile wallet services.
This developed as Tulfo along with his colleauges from the ACT- CIS Partylist Reps. Edvic Yap and Jocelyn Tulfo, and two other lawmakers Benguet Rep. Eric Yap and Quezon City 2nd District Rep. Ralph Tulfo, filed House Resolution No. 1464 urging the Congress to conduct an inquiry in aid of legislation into digital banking platforms with linkages to gambling applications.
In his privilege speech on Monday, Tulfo said it has come to his attention that Maya’s platform carries links to various gambling apps that openly allows subscribers to participate in gambling activities.
These gambling apps encompass games such as baccarat, poker, bingo, fruit games, and similar forms of gaming where subscribers can place bets through Maya’s mobile wallet services.
Rep. Tulfo firmly believes that these gambling links within Maya’s savings bank platform warrant a thorough probe by the House of Representatives.
“This question strikes at the core of our responsibility as lawmakers to protect the interests of the millions of subscribers who rely on Maya Digital Savings Bank for their financial transactions and digital wallet needs,” Tulfo said.
The primary objective is to protect the interests of Maya’s millions of subscribers and assess the legality and ethics of offering such services.
Tulfo questioned whether the Bangko Sentral ng Pilipinas (BSP) is aware of Maya’s inclusion of gambling app links, stating that the investigation aims to determine if these activities comply with laws and regulations. There’s also growing concern about the presence of gambling apps within a digital savings bank’s platform and its potential impact on financial stability and consumer welfare.
Presently, there are at least six digital banks that are permitted by the BSP to operate in the country — Maya, Uno, Tonik, CIMB, Union Bank and GoTyme Bank.
Out of these six digital banks, only Maya allegedly features links to gambling apps. The inquiry also addresses whether the Philippine Amusement and Gaming Corporation (Pagcor) can effectively monitor and regulate these apps within the bounds of the law.
Tulfo is committed to addressing these questions through legislative channels, emphasizing transparency, legality, and consumer protection in the evolving landscape of digital banking and financial services in the Philippines.
Asked for comment, Maya, powered by Maya Philippines for digital payment solutions and Maya Bank for digital banking services, emphasized that neither company is engaged in any gambling operations.
“Maya Philippines, licensed by the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer (EMI), facilitates digital payments for numerous merchants, including a few entities accredited by the Philippine Amusement and Gaming Corporation (PAGCOR). Our services are focused on providing secure payments from all sources like credit cards and wallet cash-in facilities for eligible customers,” it said in a statement.
“We maintain strict compliance with the guidelines set by the BSP, the Department of Information and Communications Technology (DICT), and PAGCOR to ensure user safety and security, promoting the responsible use of financial service technologies,” Maya added.