Fintech Alliance backs BSP move to regulate online gaming

MANILA, Philippines — The Fintech Alliance Philippines has expressed full support for the Bangko Sentral ng Pilipinas (BSP)’s enhanced regulatory framework on the responsible use of digital financial services for licensed online gaming.

The group – composed of BSP-supervised financial technology companies and electronic money issuers – pledged stricter compliance, consumer education and industry-wide coordination to mitigate risks such as gambling addiction and financial distress.

In a statement, Fintech Alliance said it is aligned with the BSP in strengthening safeguards on payment channels linked to online gaming, while balancing innovation and consumer protection.

“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,” Fintech Alliance founding chairman Lito Villanueva said.

The alliance flagged growing public concern over the rise of unregulated platforms and the ease of access to online gambling by minors and unverified users, which are trends that have gone viral on social media in recent months.

In particular, stories of people reportedly losing their earnings in a single day due to online betting have alarmed regulators and financial service providers alike.

In response, the alliance vowed to implement enhanced due diligence on merchant accounts related to licensed gaming, enable real-time monitoring and blacklisting of illegal platforms as well as fully comply with all BSP-enforced restrictions on violative payment channels.

“All Fintech Alliance members will adopt robust due diligence measures,” Villanueva said.

“We support the BSP’s initiative to further enhance restrictions, especially for activities that operate outside the scope of existing gaming laws,” he said.

Aside from stricter internal controls, the group said it would promote ethical marketing practices and expand financial education efforts, particularly for vulnerable consumers exposed to the risks of gambling addiction.

“Financial literacy and responsible use are essential pillars of inclusive digital finance,” Villanueva said.

The alliance also called for evidence-based policymaking and the use of credible data to inform regulations, emphasizing the need for a balanced approach that does not stifle digital financial innovation.

With over 90 percent of the country’s digital transaction volume coursed through its members, the Fintech Alliance reaffirmed its role as a key player in advancing consumer protection, financial inclusion and responsible innovation in the Philippine digital economy.

Source: The Philippine Star