FinTech Alliance PH backs framework on responsible licensed gaming

MANILA – FinTech Alliance Philippines expressed support to the Bangko Sentral ng Pilipinas’ (BSP) strengthened regulatory framework on the responsible use of digital financial services concerning licensed online gaming platforms.

“The Alliance recognizes 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,” FinTech Alliance PH founding chair Lito Villanueva said in a statement.

The Alliance flagged urgent risks related to financial distress, addiction, and underage or unverified access to online gaming, as well as the proliferation of illegal and unregulated platforms.

It emphasized the need for a balanced, collaborative regulatory approach that preserves innovation while shielding vulnerable sectors of society.

“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,” Villanueva said.

In line with the BSP’s directive, FinTech Alliance PH members committed to enhancing due diligence for all merchant accounts classified under licensed online gaming, real-time detection, monitoring, and blacklisting of illegal and unregulated platforms; and full compliance with BSP-imposed restrictions and enforcement actions on violative payment channels.

The Alliance also assured 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.

FinTech Alliance Philippines is the leading digital finance industry group composed of BSP-regulated financial technology firms and electronic money issuers.

Its members include RCBC, CIMB Bank, Cebuana Lhuillier Bank, Maya, GCash, Tonik, GoTyme Bank, GrabPay, Xendit, and Smart Communications, among others. (PNA)

Source: Philippine News Agency