Leading financial technology (fintech) companies in the Philippines are advocating for enhanced regulation of online gambling, collaborating with government bodies to address societal risks such as addiction, financial distress, and underage access.
The Fintech Alliance Philippines, representing over 90% of the nation’s digital transaction volume, has pledged its full support for a more robust regulatory framework from the Bangko Sentral ng Pilipinas (BSP).
Fintech Alliance Philippines – Pushing for Robust Gambling Regulations
The alliance recognizes the escalating public concern over the impact of online gaming, particularly the ease of access via e-wallets and digital platforms. Lito Villanueva, founding chairman of Fintech Alliance PH, emphasized the industry’s commitment to being “part of the solution” by working with regulators, elevating safeguards, and protecting consumers.
Proposed measures include stricter due diligence for merchant accounts linked to licensed online gaming, real-time monitoring and blacklisting of illegal platforms, and adherence to BSP-imposed restrictions. The BSP is currently drafting new regulations to curb the adverse effects of online gambling, with discussions on implementing safeguards like age verification, betting limits, and self-exclusion registries.
Moreover, lawmakers are also advancing bills to regulate or even ban online gambling, reflecting a broad consensus on the need for stronger oversight. The industry also plans to boost consumer education and promote ethical marketing.
Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later.
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