FinTech Alliance PH backs BSP framework for responsible online gaming

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THE FinTech Alliance Philippines has expressed full support for the Bangko Sentral ng Pilipinas’ (BSP) strengthened regulatory framework promoting the responsible use of digital financial services in licensed online gaming.

The country’s largest group of BSP-regulated financial technology firms and electronic money issuers, the Alliance reaffirmed its commitment to consumer protection amid growing public concern over the risks associated with online gaming — including addiction, financial distress, and access by underage users.

“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.

Stronger industry action

The Alliance identified several risks from online gaming, including the proliferation of illegal or unregulated platforms. It emphasized a need for a balanced and collaborative regulatory approach that fosters innovation while shielding vulnerable sectors.

In line with the BSP directive, Alliance members committed to the following:
> Enhanced due diligence for all merchant accounts under licensed gaming;
> Real-time monitoring and blacklisting of unregulated sites;
> Full compliance with BSP-imposed restrictions on violative payment channels.

Commitment to Ethical Standards

The group also pledged to intensify public education campaigns focused on financial literacy and responsible digital engagement, particularly targeting at-risk consumers. Members vowed to adopt ethical marketing practices and actively promote awareness of gaming-related risks.

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

Unified industry support

The Alliance called for data-driven and evidence-based policymaking to ensure proportional and effective regulation. It underscored its unified commitment to building a secure, ethical, and inclusive digital finance ecosystem.

FinTech Alliance PH represents over 90% of digital transaction volumes in the country and includes major players such as GCash, Maya, CIMB Bank, GoTyme Bank, Tonik, and RCBC. (PR)