FinTech Alliance Philippines has expressed full support for the Bangko Sentral ng Pilipinas’ (BSP) strengthened regulatory framework on the use of digital financial services in licensed online gaming, vowing to enhance due diligence and consumer protection measures among its members.
In a statement on Wednesday, the Alliance said it recognizes growing concerns over the risks associated with online gaming, including financial distress, addiction, and access by underage or unverified users.
. It also flagged the rise of illegal and unregulated gaming platforms as a critical issue.
“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,” said Lito Villanueva, founding chair of FinTech Alliance PH.
The industry group, which includes leading digital finance and payments players such as GCash, Maya, Tonik, CIMB Bank, Cebuana Lhuillier Bank, RCBC, and GrabPay, committed to aligning with the BSP’s directive through several key measures.
These include enhanced due diligence for all merchant accounts tied to licensed online gaming, real-time detection and blacklisting of unregulated platforms, and full compliance with enforcement actions on payment channels that violate regulatory guidelines.
“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 also underscored its commitment to promoting responsible digital finance by boosting public awareness of gaming-related risks and encouraging financial literacy campaigns across online 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 is the country’s largest industry association of BSP-regulated financial technology firms and electronic money issuers.
