FinTech Alliance PH backs BSP's enhanced anti-online gambling measures

FinTech Alliance Philippines, representing over 130 corporate members including major banks and e-wallets, supports the Bangko Sentral ng Pilipinas' (BSP) enhanced measures to curb problems related to online gambling.

Senator Sherwin Gatchalian lauded the participation of fintech companies as "indispensable" in regulating online gambling, acknowledging their role in addressing the "scourge" of the activity.

The alliance acknowledges growing public concern over electronic gambling's impact, including addiction, financial troubles, the spread of illegal platforms, and inadvertent access by underage or unverified users.

Founding chairman Lito Villanueva stated the alliance is united in its commitment to collaborate with regulators and elevate safeguards to protect Filipino consumers.

FinTech Alliance PH members will improve due diligence for licensed online gaming merchants, actively monitor for unregulated platforms, and implement real-time blacklisting.

The group also plans to increase public awareness campaigns about the dangers of gambling addiction, particularly among vulnerable populations.