The #FinTechAlliancePhilippines has expressed its full support for the Bangko Sentral ng Pilipinas (BSP)’s strengthened regulatory framework on the responsible use of digital financial services in relation to licensed online gaming platforms.
As the country’s largest organization of digital finance players composed of BSP-regulated financial technology companies and electronic money issuers, the Alliance reaffirmed its commitment to ensuring that the Philippine digital economy remains safe, ethical, and inclusive especially amid growing public concern around the societal risks of online gaming.
“The Alliance recognizes the growing concern from the public and other sectors over the impact of gaming. 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 Chairman of the FinTech Alliance PH.”
Industry Action on Emerging Risks
The Alliance flagged urgent risks related to financial distress, addiction, and underage or unverified access to online gaming, as well as the proliferation of illegal and unregulated platforms. It emphasized the need for a balanced, collaborative regulatory approach that preserves innovation while shielding vulnerable sectors of society.
“We remain aligned with the BSP in ensuring that access to payment channels for online licensed gaming is strictly controlled, and that all FinTech Alliance members adopt robust due diligence measures,” Villanueva added.
Strengthened Controls and Coordinated Compliance
In line with the BSP’s directive, FinTech Alliance PH members committed to the following actions: ● Enhanced Due Diligence (EDD) for all merchant accounts classified under licensed online gaming;
● Real-time detection, monitoring, and blacklisting of illegal and unregulated platforms;
● Full compliance with BSP-imposed restrictions and enforcement actions on violative payment channels.
The Alliance also encouraged evidence-based policymaking and data-driven interventions to ensure effectiveness and proportionality in regulation.
Consumer Education and Ethical Engagement
To reinforce regulatory measures, the Alliance vowed to intensify public education efforts, particularly targeting vulnerable consumers. Members will also adopt ethical marketing practices and promote awareness of gaming-related risks 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 noted.
Unified Commitment to a Safe Digital Finance Ecosystem
Above all, the Alliance underscored its unity in protecting consumer welfare and ensuring that the Philippine digital finance ecosystem remains safe, responsible, and inclusive.