HOUSE Deputy Majority Leader Erwin Tulfo has raised concerns 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 Rep. Erwin Tulfo along with his colleages 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 Tuesday, 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 in his privilege speech.
The primary objective is to protect the interests of Maya’s millions of subscribers and assess the legality and ethics of offering such services.
One of the pertinent questions that Rep. Tulfo has raised is whether the Bangko Sentral ng Pilipinas (BSP) is aware of Maya’s inclusion in its platform of the links to gambling apps.
“This investigation will shed light on whether these gambling activities are conducted in compliance with our laws and regulations, and whether they truly serve the best interests of our citizens,” Tulfo added.
Additionally, there is a growing concern about whether bank regulators should permit the presence of gambling apps within the digital platform of a savings bank, considering the potential ramifications on financial stability and the welfare of consumers.
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, it’s only Maya that carries in its platform the links to gambling apps.
Furthermore, if these gambling apps are permitted by law, it raises questions about the ability of the Philippine Amusement and Gaming Corporation (Pagcor) to effectively check and monitor these apps and, if necessary, exercise its regulatory powers to ensure that they operate within the bounds of the law.
Rep. Tulfo is committed to addressing these critical questions and concerns through appropriate legislative channels, emphasizing the importance of transparency, legality, and consumer protection within the rapidly evolving landscape of digital banking and financial services in the Philippines.
