Manila: FinTech Alliance Philippines expressed its support for the Bangko Sentral ng Pilipinas' (BSP) enhanced regulatory framework aimed at promoting the responsible use of digital financial services, particularly in relation to licensed online gaming platforms.
According to Philippines News Agency, the Alliance has acknowledged the growing concerns from the public and various sectors regarding the impact of gaming. FinTech Alliance PH founding chair Lito Villanueva emphasized their commitment to being part of the solution by collaborating with regulators, enhancing safeguards, and protecting the welfare of Filipino consumers.
The Alliance highlighted urgent risks associated with financial distress, addiction, and the access of underage or unverified users to online gaming. It also pointed out the issues related to the proliferation of illegal and unregulated platforms. A balanced, collaborative regulatory approach is needed to preserve innovation while protecting vulnerable sectors of society.
Villanueva stated that the Alliance aligns with the BSP's efforts to ensure that access to payment channels for online licensed gaming is strictly controlled. All FinTech Alliance members are to adopt robust due diligence measures. In response to the BSP's directives, members have committed to improving due diligence for merchant accounts related to licensed online gaming, implementing real-time detection and monitoring, and blacklisting illegal platforms. Full compliance with BSP-imposed restrictions and enforcement actions on violative payment channels is also assured.
Furthermore, the Alliance pledged to raise awareness of gaming-related risks through digital and community platforms. Villanueva reiterated that financial literacy and responsible usage are crucial pillars of inclusive digital finance, and the industry remains dedicated to upholding these values.
FinTech Alliance Philippines stands as the leading digital finance industry group, comprising BSP-regulated financial technology firms and electronic money issuers. Its notable members include RCBC, CIMB Bank, Cebuana Lhuillier Bank, Maya, GCash, Tonik, GoTyme Bank, GrabPay, Xendit, and Smart Communications, among others.
