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Digital finance companies call for stricter e-gambling regulations
Fintech Alliance Philippines is advocating for stronger regulations on online gambling to safeguard Filipino consumers.
The alliance aims to enhance regulatory measures for both licensed online gaming platforms and their users.
Lito Villanueva, founding chairman of FinTech, stated their commitment to collaborate with regulators and improve safeguards.
This initiative aligns with Senator Risa Hontiveros' and Senator Win Gatchalian's calls for accountability from casino operators and digital platforms regarding e-gambling regulations.
The Alliance plans to implement Enhanced Due Diligence for merchant accounts linked to online gaming platforms, continuous monitoring and blacklisting of illegal sites, and strict compliance with Bangko Sentral ng Pilipinas (BSP) regulations on payment channels.
The Alliance also recommended reasonable restrictions be implemented on e-gambling platforms.
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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.
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CitizenWatch Philippines advocates for stronger regulation over a complete ban on online gambling, arguing that prohibition could lead to more issues.
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The Bangko Sentral ng Pilipinas (BSP) is proposing stricter regulations for online gambling payments, potentially including e-wallets, to promote responsible digital financial service use and mitigate associated risks.
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DigiPlus Interactive Corporation, operator of online games BingoPlus, ArenaPlus, and GameZone, is urging lawmakers to reconsider a complete prohibition on online gambling and instead advocate for enhanced regulations.
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Licensed online gaming operators in the Philippines are advocating for stronger regulation rather than a complete ban on online gaming, warning that prohibition would drive players to unregulated black market sites.
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