FinTech Alliance PH supports stricter controls for e-wallet linking with online gambling

MANILA – The FinTech Alliance Philippines said it supports the Bangko Sentral ng Pilipinas’ move to strengthen controls over payment channels linked to online gambling.

“We remain aligned with the BSP in ensuring that access to payment channels for online licensed gaming is strictly controlled,” said the group’s founding chairman Lito Villanueva.

Villanueva also said that FinTech Alliance PH members will now enhance its due diligence for all merchant accounts classified under licensed online gaming, and detect and monitor suspected illegal and unregulated platforms.

Members of the group will also blacklist prohibited platforms in real time, it said in a statement.

FinTech Alliance PH also said it will intensify efforts to educate more Filipinos on the risks of gambling addiction, especially those who are most vulnerable to it.

“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,” Villanueva said.

Newly-elected lawmakers have filed bills seeking to regulate or ban online gambling.

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Senator JV Ejercito has also filed a resolution seeking a probe into the rapid proliferation of online gambling in the country.

Amid such calls, PAGCOR Chairman and Chief Executive Officer (CEO) Alejandro Tengco atressed that problems arising from online gambling are caused by illegal sites — not the ones licensed by the state gaming regulator.

Source: ABS-CBN