Guardrails

When Ana discovered her younger brother had quietly spent thousands of pesos on a gambling app, the transactions looked like ordinary e-wallet payments. He wasn’t sneaking off to shady street corners or dark casinos. He was sitting in their home, one tap away from making another bet.

Her story is not rare. And it’s precisely why the Fintech Alliance PH, representing the country’s leading digital finance companies, is stepping forward, collectively and decisively.

In the world of digital finance, where speed and scale are assets, there are also risks. Online gambling, especially when made frictionless through fintech apps, is one such flashpoint. Left unchecked, it can spiral into abuse, addiction and financial ruin.

The Bangko Sentral ng Pilipinas recognizes this. Its draft circular regulating online gambling payment services is not only timely – it’s essential. And we, as the largest industry group of digital financial service providers in the country, fully support it.

Online gaming, when licensed, is legal in the Philippines. The role of fintech providers is not to promote it, but to enable legitimate, regulated payments.

But we also acknowledge this truth: the ease of access to digital wallets can unintentionally make it easier for users to fall into harmful gambling behavior. That’s why we are not turning a blind eye. We are responding head-on with unified, proactive measures.

Some have called for an outright ban on gambling-related fintech transactions. While well-meaning, such a move may push users toward untraceable, underground platforms outside the reach of regulators, beyond the view of law enforcement and without any consumer protection.

A better approach? Smart, government-led guardrails – a framework that balances individual freedoms, legal commerce and collective safety. That’s exactly what the BSP circular seeks to do, and why we support it.

Guardrails are already in motion. Across our member platforms, we’ve already begun implementing safeguards such as biometric and AI-powered eKYC (electronic know your customer), real-time behavior monitoring to flag signs of compulsive activity, merchant screening and blacklisting of unlicensed or suspicious operators and self-exclusion tools.

We are also aligned in enforcing stricter protocols for onboarding gambling merchants and subjecting them to enhanced due diligence.

These systems work quietly but effectively behind the scenes.

We welcome and endorse the BSP’s proposed measures, including transaction velocity checks to curb excessive or impulsive behavior, cooling-off periods, daily caps and loan restrictions for gambling-linked accounts.

We even recommended adding a total ban on celebrity and influencer endorsements of gambling platforms and geofencing to block gambling within one kilometer of schools, churches and hospitals.

These are not just checkboxes for compliance; they reflect ethical, people-first policymaking.

Trust begins from within. That’s why we’re also backing internal codes of conduct that prohibit our employees from engaging in any form of online gambling.

We’re also committed to data transparency, with regular reports on transaction patterns, user profiles and suspicious behavior submitted to regulators.

Fintech players are not policymakers. But we are partners in policy enforcement. Whatever path the government chooses, we will help execute it responsibly and effectively.

Some might ask, “Why are we speaking up now?” or “Why only now?” The truth is, many of these safeguards have already been in place across individual platforms. But today, for the first time, we’re standing together as an industry under one unified position.

We’re not late, we’re just louder. Because the moment calls for it.

We also know that no amount of tech safeguards can replace awareness and education. That’s why we’re doubling down on digital literacy efforts, partnering with BSP, DICT and NGOs to run nationwide campaigns via apps, schools and social media.

We believe informed users are protected users. And prevention is far better than intervention.

The bigger picture is about responsible finance in the digital age. This moment isn’t just about online gambling. It’s a broader reflection of the responsibilities that come with financial innovation.

Fintech has transformed how Filipinos send, save and spend. It has brought financial services to communities once left behind. It has enabled MSMEs to thrive, OFWs to remit with ease and households to transact safely, especially in times of crisis.

But as we push forward, we must also put guardrails in place. Not to slow us down, but to keep everyone on the road safe.

Regulators cannot do this alone. Nor can platforms. This is a shared responsibility across sectors, across systems, across society.

The Fintech Alliance PH is proud to be part of the solution. We are building an ecosystem that is not only innovative, but also accountable, transparent and inclusive.

We will continue working to ensure that technology serves the people, not the other way around.

Let us move forward together not by blocking access, but by building better guardrails.

So that Ana, her brother and millions of other Filipinos can use digital finance not just with ease, but with confidence, safety and trust.

Lito Villanueva is the Philippines’ leading and award-winning thought leader in inclusive digital finance. As EVP and chief innovation and inclusion officer at RCBC, he has led several digital initiatives at scale. He is also the founding chairman of Fintech Alliance PH, overseeing 95 percent of the nation’s digital retail financial transactions. He is the first global chairman of the South Africa-based Alliance of Digital Finance Associations, a co-founder of the Asia FinTech Alliance and a permanent council member of the ASEAN FinTech Forum. He has substantially impacted the fintech landscape in the Philippines through his leadership and innovative efforts. His contributions have been crucial in advancing the fintech ecosystem in the Philippines, making financial services more inclusive and efficient. He was recently recognized as among People Asia’s 2025 Men Who Matter

Source: The Philippine Star