FinTech Alliance Philippines backs BSP rules on licensed gaming safeguards
Industry group to tighten monitoring, promote digital financial responsibility.
Key points:
– FinTech Alliance PH endorses BSP framework on licensed online gaming
– Group commits to stricter monitoring of merchant accounts and payment channels
– Awareness campaigns and financial literacy efforts to be rolled out
As reported by Philippine News Agency, FinTech Alliance PH has pledged its support for the Bangko Sentral ng Pilipinas’ (BSP) enhanced regulatory framework governing digital financial services in relation to licensed online gaming.
The organisation, which includes key players such as GCash, Maya and CIMB Bank, acknowledged the rising concerns surrounding addiction, unverified access and financial vulnerability tied to online gaming.
Alliance Founding Chair Lito Villanueva said the group is committed to assisting the BSP in implementing protective measures for consumers, while maintaining room for innovation in the digital finance space.
Villanueva stated that all members would bolster due diligence practices for merchant accounts linked to online gaming. This includes implementing real-time detection and blacklisting mechanisms for unauthorised operators and following any enforcement directives issued by the central bank.
Good to know: Under BSP regulations, digital financial service providers must vet gaming-related transactions and prevent access to blacklisted or illegal gaming platforms
The Alliance further announced plans to raise public awareness around the risks of digital gambling through financial education efforts on online and offline platforms.
While recognising the economic potential of digital gaming, the Alliance stressed that consumer welfare and responsible use must remain the top priorities.
FinTech Alliance PH is the country’s largest collective of BSP-regulated fintech institutions and e-wallet operators. Its members span a wide range of services, including banks, mobile payment platforms and digital lenders.
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