Fintech alliance supports BSP’s efforts to regulate online gaming

CEBU, Philippines —  FinTech Alliance Philippines, representing the country’s largest coalition of digital finance players, has thrown its full support behind the Bangko Sentral ng Pilipinas (BSP)’s enhanced regulatory framework aimed at reinforcing the responsible use of digital financial services, particularly in connection with licensed online gaming platforms.

The move comes amid mounting public scrutiny over the societal impact of online gaming, including concerns related to financial distress, addiction, and unverified access by minors.

The Alliance, whose members include major fintech firms such as GCash, Maya, CIMB, RCBC, Tonik, and GoTyme, reaffirmed its commitment to consumer protection and ethical innovation in the digital finance ecosystem.

“The Alliance recognizes the growing concern from the public and other sectors over the impact of gaming,” said Lito Villanueva, Founding Chairman of FinTech Alliance PH.

“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,” Villanueva stressed.

The Alliance emphasized the urgency of addressing illicit and unregulated gaming platforms while maintaining a regulatory environment conducive to innovation. It acknowledged the risks posed by online gaming—particularly the misuse of digital wallets and e-payment channels by unauthorized platforms—and affirmed its alignment with the BSP in controlling access through tightened due diligence and compliance protocols.

“We remain aligned with the BSP in ensuring that access to payment channels for licensed gaming is strictly controlled, and that all Alliance members adopt robust due diligence measures,” Villanueva added.

In response to the BSP’s directives, Alliance members committed to a series of immediate measures, including: Enhanced Due Diligence (EDD) on all merchant accounts associated with online gaming; Real-time monitoring and blacklisting of illegal and unregulated platforms; Full compliance with all BSP enforcement actions and payment channel restrictions.

The Alliance also encouraged the use of data-driven and evidence-based policymaking to craft proportionate responses that avoid overregulation while protecting the most vulnerable sectors.

Beyond regulatory compliance, the Alliance said it would double down on financial literacy campaigns, particularly targeting at-risk populations. It also pledged to adopt ethical marketing practices, discouraging excessive gaming behavior and raising awareness of digital financial risks.

“Financial literacy and responsible use are essential pillars of inclusive digital finance,” said Villanueva. “As an industry, we are committed to upholding these values.”

The Alliance emphasized its unified stance in fostering a secure and inclusive digital finance ecosystem.

Collectively, its members account for over 90 percent of the Philippines’ digital transaction volumes, placing the group at the center of the country’s rapidly evolving financial landscape.