Philippines’ BSP finalising framework to curb financial harm
The Bangko Sentral ng Pilipinas (BSP) is close to completing new payment regulations aimed at reducing risks linked to online gambling. These new rules will cover banks, e-wallet operators, and other BSP-supervised financial institutions, according to The Inquirer.
Stronger identity verification and spending limits
The updated framework will require enhanced customer checks, including facial recognition and biometric verification, before approving gambling-related transactions. The new regulations will also include daily spending caps and time-based restrictions. Furthermore, user-driven tools such as self-exclusion will be introduced to curb excessive losses and impulsive betting.
Industry welcomes proactive approach
Lito Villanueva, Founding Chair of FinTech Alliance Philippines, praised the BSP’s measures as both timely and necessary. He noted the rising exposure of young and vulnerable users to digital gambling risks. Villanueva also encouraged regulators to adopt real-time transaction monitoring, stricter onboarding, and classification of high-risk merchants.Philippines
Philippines fintech sector welcomes proactive approach
Meanwhile, the Department of Finance is evaluating possible tax and fee increases for licensed online gambling platforms. This review is part of a broader examination of the sector.
