BSP Orders E-Wallets to Remove Online Gambling Links Within 48 Hours

Bangko Sentral ng Pilipinas (BSP) has ordered e-wallets, payment applications, and other supervised financial institutions to remove all in-app links and icons that redirect to online gambling platforms.

Financial companies have 48 hours to comply with the new directive, which BSP Deputy Governor Mamerto Tangonan announced during a Senate hearing today, August 14.

The move comes amid growing concerns over the social costs of online gambling and as the Senate begins deliberations on several bills that propose to either ban or more strictly regulate the industry.

The integration of online gambling into popular e-wallets has facilitated its rapid growth. In direct response, the BSP has ordered these e-wallets to unlink the gambling services.

The Deputy Governor at BSP explained that the 48-hour window was provided to give institutions time to take down the online gambling links from e-wallets, and any form of financial applications is to allow consumers to withdraw any funds they may have in their online gaming accounts.

However, he clarified that users could still potentially use their e-wallets to pay for gambling if they access the sites directly.

The debate over a total ban continues, with some lawmakers and the President of the Philippines, Ferdinand Marcos Jr. expressing concern that it could drive more people toward illegal and unregulated gambling activities.

Source: Fintech News Philippines