Philippines Central Bank (Bangko Sentral ng Pilipinas BSP) has partnered with FinTech Alliance Philippines to strengthen the nation’s regulatory frameworks and tighten online gambling reforms.
The Fintech Alliance, which will be part of the ongoing process, is the country’s largest organization of digital finance stakeholders, comprising BSP-regulated financial technology companies and electronic money issuers.
Philippines Central Bank seeks stakeholder input for gambling reform
The BSP released a set of draft proposals for the tightening of regulations as part of a circular sent to stakeholders. The BSP hopes that the input garnered from this specialist group will go a long way in redefining the nation’s regulations on deposit limits, safer gambling tools, and a host of other measures laid out to support individuals and promote ethical digital banking practices.
The Fintech Alliance’s Founding Chairman, Lito Villanueva, said, “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.”
Enhanced Due Diligence (EDD) to be placed on banking stakeholders
The draft proposals aim to place more responsibility on banking or electronic deposit account holders through a process known as Enhanced Due Diligence (EDD).
This would include the real-time detection, monitoring, and blacklisting of illegal and unregulated platforms, and the banking provider would be required to comply with BSP-imposed restrictions and enforcement actions.
“The Bangko Sentral reserves the right to deploy its range of supervisory tools,” said the BSP in the concluding portion of the draft proposal. Underscoring the banking giant’s thinking on introducing the measures.
The message being reiterated from the BSP and FinTech Alliance Philippines is that this proposal is purely based on keeping the Philippine digital finance ecosystem “safe, responsible, and inclusive.”
“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 concluded.
The Philippine Amusement and Gaming Corporation (PAGCOR) is also active in regulating the impact that gambling has on the region’s residents. The warden of all wagering activity in the nation recently banned billboard advertising for gambling, except for institutional or responsible gaming campaigns.
Featured image: FinTech Alliance Philippines official
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