Insider Spotlight
Driving the news:
The industry group — which includes the country’s largest digital payment players like GCash, Maya, and GrabPay — said it backs the central bank’s call for stronger control mechanisms, especially amid rising concerns about the social and financial risks of online 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,” said Lito Villanueva, founding chair of FinTech Alliance PH.
Why it matters:
Online gaming has emerged as a fast-growing sector but critics say it poses serious risks including financial distress, addiction, and access by underaged or unverified users. The BSP’s policy aims to curtail these threats while allowing innovation in the sector to continue under close watch.
What’s happening:
FinTech Alliance members committed to three immediate steps aligned with the BSP’s directives:
Between the lines:
The Alliance emphasized that regulatory efforts should be supported by credible data and proportionate enforcement. It also called for a unified, balanced approach that safeguards consumers while not stifling industry growth.
What’s next:
The group said it will step up public education initiatives, including campaigns focused on responsible use and the risks of gambling. It will also push for ethical marketing standards across digital 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 members account for over 90 percent of digital transactions in the country. The group’s public backing of the BSP initiative is expected to help drive broad industry compliance.
