Fintech sector backs stricter rules on online gaming risks

THE Fintech Alliance PH has thrown its full support behind the Bangko Sentral ng Pilipinas’ (BSP) tightened regulatory framework on digital payments for licensed online gaming, as industry players move to address rising public concern over financial distress, addiction and access by minors.

In a statement, the country’s largest group of BSP-supervised fintech firms said it is working closely with regulators to enhance consumer protections while preserving innovation in the digital economy.

“The Alliance recognizes the growing concern from the public and other sectors over the impact of gaming,” said Lito Villanueva, founding chairman of Fintech Alliance PH. “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.”

New circular

Last July 3, 2025, the BSP, in a statement, said it is set to issue a new circular aimed at protecting users of digital platforms from risks linked to online gambling, reinforcing its financial consumer protection and digital wellness agenda.

A draft of the circular has been circulated for stakeholder feedback, with the BSP currently reviewing comments. The proposed guidelines would require BSP-supervised institutions (BSIs) — including banks and electronic money issuers — to implement safeguards, such as restrictions on gaming access, to protect users from gambling-related harm.

This move, according to the BSP, follows earlier measures, including a 2021 prohibition on BSIs from engaging with unlicensed gambling entities and a 2022 directive to remove e-sabong links from digital platforms after a government-imposed ban.

In response to this directive, Alliance members have committed to apply enhanced due diligence on all merchant accounts tied to licensed online gaming, conduct real-time monitoring and blacklisting of illegal and unregulated gaming platforms and comply fully with BSP restrictions and enforcement actions on non-compliant payment channels.

The group emphasized that allowing online gaming payments through legitimate channels must be accompanied by strong oversight mechanisms.

“We remain aligned with the BSP in ensuring that access to payment channels for online licensed gaming is strictly controlled,” Villanueva said. “All Fintech Alliance members (must) adopt robust due diligence measures.”

Consumer education

To supplement regulatory actions, the Alliance also pledged to scale up consumer education efforts, especially among vulnerable sectors, and enforce ethical marketing standards across digital and community platforms.

Fintech Alliance PH includes leading players, such as GCash, Maya, RCBC, CIMB, Tonik, Cebuana Lhuillier Bank, GoTyme Bank, Xendit, GrabPay and Smart Communications.

Collectively, the group represents over 90 percent of the country’s digital transaction volumes. / KOC

Source: SunStar