The Market Monitor Minding the Nation's Business
The FinTech Alliance Philippines has thrown its full support behind the Bangko Sentral ng Pilipinas’ (BSP) enhanced regulatory framework aimed at promoting the responsible use of digital financial services in licensed online gaming platforms.
In a statement, FinTech Alliance founding chair Lito Villanueva acknowledged the growing concerns from the public and various sectors about the potential social risks of online gaming.
He emphasized the Alliance’s commitment to being part of the solution by working closely with regulators, strengthening safeguards, and prioritizing the protection of Filipino consumers.
The group cited urgent concerns such as financial distress, addiction, and the risk of underage or unverified users gaining access to online gaming services.
The increasing presence of illegal and unregulated platforms further underscored the need for stricter controls.
Villanueva stressed that a balanced and collaborative regulatory approach is necessary—one that protects the vulnerable while allowing space for responsible innovation.
He affirmed that the Alliance remains aligned with the BSP in strictly controlling access to digital payment channels for licensed gaming platforms. He also assured that member institutions are committed to implementing robust due diligence measures.
In compliance with the BSP directive, FinTech Alliance PH members have committed to enhancing verification processes for merchant accounts engaged in online gaming, intensifying real-time monitoring and blacklisting of illegal platforms, and fully adhering to the BSP’s restrictions and enforcement actions against non-compliant payment channels.
The Alliance also pledged to support educational efforts aimed at raising awareness about the risks of online gaming, using both digital platforms and community-based outreach.
“Financial literacy and responsible digital usage are essential pillars of inclusive fintech,” Villanueva said. “As an industry, we are steadfast in upholding these principles.”
FinTech Alliance PH is the country’s premier digital finance industry group, comprising BSP-regulated financial technology companies and electronic money issuers. Its roster includes major players such as RCBC, GCash, Maya, CIMB, Tonik, GoTyme Bank, Cebuana Lhuillier Bank, GrabPay, Xendit, and Smart Communications.