Fintech Alliance Philippines vows to strengthen controls on access to online gambling
The announcement follows the Philippines Central Bank’s draft new regulations.
The Philippines.- The FinTech Alliance Philippines, one of the country’s largest organisations representing financial technology companies, has pledged to ensure controls on access to online gambling.
FinTech Alliance PH founding chair Lito Villanueva said: “The Alliance recognises the growing concern from the public and other sectors over the impact of gaming. We are united in our commitment to be part of the solution by working closely with regulators, elevating safeguards, and protecting the welfare of Filipino consumers.”
Villanueva added: “We remain aligned with the BSP in ensuring that access to payment channels for online licensed gaming is strictly controlled, and that all FinTech Alliance members adopt robust due diligence measures.”
The fintech industry’s voluntary measures include enhanced due diligence for all merchant accounts with online gaming licences, real-time detection and monitoring of illegal platforms. The Alliance said that members will promote awareness of gaming-related risks across digital and community platforms.
“Financial literacy and responsible use are essential pillars of inclusive digital finance. As an industry, we are committed to upholding these values,” Villanueva said.
Senator Alan Peter Cayetano is pushing for e-wallet providers to prevent their platforms from facilitating transactions linked to online gambling.
