Lito Villanueva, founding chairman of FinTech Alliance PH, the country’s leading association of digital finance companies, said on Tuesday that his group had set a plan of actions aimed primarily at enhancing regulatory measures not only for licensed online gaming platforms but also for their users, recognizing the growing risks associated with e-gambling.

He stressed that the alliance has been supporting stricter regulations being imposed by the government on online gambling to protect Filipino consumers from its harmful effects.

“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 said.

The group’s statement comes in response to Senator Risa Hontiveros’ call for casino operators and digital platforms to be held accountable and to comply with stricter e-gambling regulations.

“With so many complaints pointing to how phones have made online gambling too easy to access, why are e-wallet and super app companies silent? I hope they would also take steps to self-regulate,” Hontiveros said.

As a result, the FinTech head said his association has outlined concrete actions to address the worsening impact of online gambling.

These include the implementation of Enhanced Due Diligence (EDD) for all merchant accounts linked to licensed online gaming platforms, as well as the continuous monitoring and blacklisting of illegal and unregistered sites.

The alliance also called for strict compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulations against payment channels used for unlawful activities.

Moreover, it recommended the need for regulators to impose reasonable restrictions on access to e-gambling platforms.

These measures are intended to counter the risks posed by e-gambling, such as addiction, mounting debt, youth involvement, and the proliferation of illegal and unregulated gaming websites, Villanueva said.

“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.

The group urged the adoption of evidence-based policies and data-driven programs to improve the effectiveness of regulatory enforcement.

Public education drive including initiatives on consumer rights, ethical business practices, and financial literacy is being conducted regularly as part of its advocacy, the FinTech said.

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

The group has its members that are major players in the digital finance sector such as GCash, RCBC, CIMB Bank, Cebuana Lhuillier Bank, Maya, Tonik, GoTyme Bank, GrabPay, Xendit, and Smart Communications.