Photo credit: Erwin Tulfo

Lawmakers urge the House of Representatives Committee to launch an inquiry into the connections between digital banking platforms and gambling applications.

The call comes as the rise of digital banks in the Philippines prompts concerns about potential links to online gambling and the need for robust governance in the rapidly evolving digital banking sector.

The Bangko Sentral ng Pilipinas (BSP) classifies "Digital Banks" as financial institutions that exclusively operate through digital platforms and electronic channels, without physical branches.

These banks provide a range of financial services, including loans, deposits, foreign currency transactions, investment activities, and more.

While the advent of digital banking has undoubtedly enhanced accessibility to financial products, legislators are now focusing on ensuring responsible digital governance and business practices.

Currently, there are six approved digital banks in the Philippines, namely Maya Bank Inc. (MAYA), UnionDigital Bank Inc., GoTyme Bank Corporation, Overseas Filipino Bank Inc., Tanik Digital Bank Inc, and UNObank Inc.

However, concerns have arisen surrounding MAYA, as it stands out for its "all-in-one digital bank" mobile application that facilitates a direct link to eGames under the Lucky Game category. This unique feature enables users to seamlessly make payments from their accounts to eGames, a prominent partner of MAYA.

MAYA is currently the sole institution offering a direct link to eGames for its account holders, raising questions about the potential intersection of digital banking services and online gambling activities.

Legislators seek to address these concerns through a thorough inquiry to ensure the integrity of the digital banking sector and prevent any undesirable associations with gambling applications.