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MANILA, Philippines – The Fintech Alliance Philippines, the country’s leading association of digital finance companies, has intensified its support for stricter regulations on online gambling to protect Filipino consumers from its harmful effects.
According to Lito Villanueva, founding chairman of FinTech, the organization has taken the initiative to enhance regulatory measures not only for licensed online gaming platforms but also for their users, recognizing the growing risks associated with e-gambling.
“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 in the alliance’s official statement.
This comes in response to Sen. Risa Hontiveros’ call for both casino operators and digital platforms to be held accountable and to comply with stricter e-gambling regulations.
“With so many complaints pointing to how phones have made online gambling too easy to access, why are e-wallet and super app companies silent? I hope they would also take steps to self-regulate,” Hontiveros said.
In line with this, the Alliance outlined concrete actions to address the worsening impact of online gambling. These include the implementation of Enhanced Due Diligence (EDD) for all merchant accounts linked to licensed online gaming platforms, as well as the continuous monitoring and blacklisting of illegal and unregistered sites.
The Alliance also emphasized strict compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulations against payment channels used for unlawful activities. It has likewise recommended to regulators the imposition of reasonable restrictions on access to e-gambling platforms.
These measures are intended to counter the risks posed by e-gambling, such as addiction, mounting debt, youth involvement, and the proliferation of illegal and unregulated gaming websites.
“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 added.
The Alliance further urged the adoption of evidence-based policies and data-driven programs to improve the effectiveness of regulatory enforcement.
As part of its advocacy, members of the Alliance vowed to continue public education efforts, including initiatives on consumer rights, ethical business practices, and financial literacy.
“Financial literacy and responsible use are essential pillars of inclusive digital finance. As an industry, we are committed to upholding these values,” Villanueva said.
For his part, Sen. Win Gatchalian also expressed support for the Alliance’s position, acknowledging the urgent need to tighten regulations surrounding e-gambling.
“I welcome the stance of fintech companies to tighten the safeguards of online gambling that has now become a scourge for many individuals, including young people,” Gatchalian stated.
Gatchalian has previously filed a bill seeking to further regulate e-gambling to protect Filipino players from its adverse social and financial impacts.
Fintech Alliance includes major players in the digital finance sector such as GCash, RCBC, CIMB Bank, Cebuana Lhuillier Bank, Maya, Tonik, GoTyme Bank, GrabPay, Xendit and Smart Communications.
