Digital finance companies call for stricter e-gambling regulations
According to a statement on Tuesday, founder Lito Villanueva said that FinTech Alliance has recognized the risks of e-gambling and sought for protections for Filipino consumers.
'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 Villanueva.
FinTech Alliance recommended Enhanced Due Diligence (EDD) for all merchant accounts for online platforms, continuous monitoring and blacklisting of illegal sites, and strict compliance with the Bangko Sentral ng Pilipinas' (BSP) regulations on payment channels.
The Alliance also recommended reasonable restrictions be implemented on e-gambling platforms.
'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 was also backed by Senator Win Gatchalian, who echoed their sentiments for stricter e-gambling regulations.
'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 said.
The statement falls in line with Senator Risa Hontiveros' statement on the accountability of casino operators and digital platforms.
FinTech Alliance said that they will continue public awareness efforts to curb the risks of e-gambling.
'Financial literacy and responsible use are essential pillars of inclusive digital finance. As an industry, we are committed to upholding these values,' Villanueva said. — Jiselle Anne C. Casucian/BM, GMA Integrated News
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