The FinTech Alliance Philippines, representing the country’s largest group of digital financial service providers, has thrown its support behind the Bangko Sentral ng Pilipinas (BSP)’s stricter regulatory framework on the responsible use of licensed online gaming platforms, as concerns mount over consumer risks.
The Alliance, which includes financial technology firms and electronic money issuers regulated by the BSP, said in a statement it is committed to ensuring a safe and ethical digital economy, highlighting the need to balance innovation with consumer protection.
“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.”
The group flagged rising risks related to financial distress, addiction, and underage or unverified access to online gaming platforms. It also pointed to the proliferation of illegal and unregulated platforms as an urgent industry concern.
“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 said.
Under the BSP directive, Alliance members have committed to implement enhanced due diligence for all merchant accounts linked to licensed gaming platforms, conduct real-time monitoring and blacklisting of illegal operators, and comply fully with restrictions imposed by regulators on violative payment channels.
The Alliance also called for evidence-based policymaking to ensure regulations remain effective and proportional, while pledging to step up consumer education initiatives targeting vulnerable users.
“Financial literacy and responsible use are essential pillars of inclusive digital finance,” Villanueva said. “As an industry, we are committed to upholding these values.”
The FinTech Alliance’s membership includes major players such as RCBC, CIMB Bank, Cebuana Lhuillier Bank, Maya, GCash, Tonik, GoTyme Bank, GrabPay, Xendit, and Smart Communications. Together, the group accounts for more than 90% of digital transaction volumes in the Philippines.
The Alliance said its unified stand aims to safeguard the integrity of the country’s digital finance ecosystem while ensuring inclusive growth and innovation in line with national development goals.
Business News Asia
