FinTech Alliance PH applauds members for defending democracy

In a strong show of unity and responsibility, FinTech Alliance PH, the country’s leading group of digital finance innovators, praised its member companies—especially those in the digital payments space—for their crucial role in protecting the integrity of the May 12 national elections.

As the nation cast its votes, the fintech industry was already hard at work behind the scenes, ensuring that its digital platforms couldn’t be exploited for vote buying or selling. This effort followed strict guidelines from the Bangko Sentral ng Pilipinas (BSP) under Memorandum No. M-2025-006.

Here’s how the industry took action:

• 🔍 Tightened Monitoring: Financial institutions actively tracked suspicious behavior, flagging unusual transactions such as rapid account creation, high-frequency fund transfers, and abnormal cash-ins or withdrawals.
• 📝 Swift Reporting: Companies submitted Suspicious Transaction Reports (STRs) to the Anti-Money Laundering Council (AMLC) at the first sign of any irregular activity.
• 📢 Educating the Public: Fintech firms launched awareness campaigns to inform voters about the ethical use of digital payments—and the legal risks of engaging in electoral fraud.

“FinTech Alliance PH and our members are fully committed to fostering a fair and transparent digital finance ecosystem,” said Lito Villanueva, Founding Chairman of FinTech Alliance PH. “This election season, we stood together to ensure our platforms couldn’t be weaponized against democracy.”

The efforts by these fintech leaders reflect a broader vision: to use technology not just for convenience and growth, but as a force for good. In the face of growing digital threats, their commitment to accountability and ethics is a powerful reminder that innovation and integrity can—and must—go hand in hand.

Source: The Daily Chronicle