Fintech Alliance Philippines, described as the Philippines’ largest organization of financial technology companies, said in a statement that its members have agreed to implement stricter due diligence measures in response to concerns over the rapid rise of the country’s domestic online gaming, or eGames, sector.
As reported by Inside Asian Gaming, senators led by Sherwin Gatchalian last week entered a series of bills proposing significant restrictions around the sector, including stricter know-your-customer rules, greater regulation of gambling advertising, the imposition of a minimum top-up threshold of Php10,000 (US$177) and a ban on payment platforms like GCash and Maya from working with online betting operators.
President Ferdinand Marcos Jr and PAGCOR chief Alejandro Tengco have both since stated that they support such restrictions provided they are implemented correctly.
According to local media reports, Fintech Alliance Philippines has now issued a statement of its own in which it stated that its members were preparing to implement “robust due diligence measures” to ensure that users of digital payment platforms have “strictly controlled” access to online gaming.
Some “urgent risks” that must be addressed include gambling addiction and financial ruin, underage and unverified individuals gaining access and the proliferation of illegal gaming sites and platforms, the alliance stated.
“The Alliance recognizes the growing concern from the public and other sectors over the impact of gaming,” said Lito Villanueva, the group’s founding chair, in comments reported by the Inquirer.
“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 added.
Notably, the alliance counts GCash and Maya among its members, which facilitate over 90% of digital transaction volumes in the country, the Inquirer said.
Tengco stated in a radio interview earlier this week that regulation was the key to ensuring a clean and safe online gaming industry but made it clear he did not want to see a complete ban all online gambling in the country.
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