Fintech Alliance intensifies support for stricter online gambling regs
The Fintech Alliance Philippines has intensified its support for stricter regulations on online gambling to protect Filipino consumers.
Lito Villanueva, founding chairman of FinTech, stated that the organization will work closely with regulators to enhance safeguards and protect consumer welfare.
Senator Win Gatchalian echoed the stance of fintech companies in tightening safeguards against e-gambling, which has become a significant issue for many individuals, including young people.
The Alliance outlined measures such as Enhanced Due Diligence (EDD) for merchant accounts linked to licensed online gaming platforms and continuous monitoring of illegal sites.
Members of the Fintech Alliance also emphasized strict compliance with BSP regulations against payment channels used for unlawful activities, advocating for reasonable restrictions on e-gambling platform access.
The organization will continue public awareness efforts to promote financial literacy and responsible use in digital finance.
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