The Philippine central bank ordered mobile wallets, payment applications, as well as other institutions to remove links to online gambling platforms as the nation looks to curb the booming industry that has raised social concerns.
Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said at a Senate hearing that the financial firms have 48 hours to take down icons that redirect users to Internet betting.
The biggest slump in two weeks even after it reported a 30% jump in second-quarter profit shares of top Philippine online gaming firm DigiPlus Interactive Corp. fell nearly 20%. This is the biggest slump in two weeks even after it reported a 30% jump in second-quarter profit.
Senators are discussing proposals to either restrict or ban online gambling in the middle of worries over debt and addiction. According to President Ferdinand Marcos Jr., a restrict could stoke illegal online betting.
E-wallets have been instrumental in the online gambling boom. Now, they are coming under an inspection as lawmakers seek to reduce access.
Mynt, a fintech unicorn, owns GCash, the country’s most popular e-wallet valued at $5 billion. It said it will comply with the order of the central bank. In a statement, the company said that once they receive the official directive, they will immediately enforce the necessary changes to ensure compliance and safeguard their users.
Maya is the fintech arm of PLDT Inc., the Philippine telco leader. It said it will likewise take action. In a statement, Maya said it will implement the update in line with the BSP’s guidance. They assure customers that their accounts and transactions remain secure and fully operational.
DigiPlus said its second-quarter profit growth came from its retail games segment, along with contributions from new games and licenses.
Next week, DigiPlus will replace Bloomberry Resorts Corp. in the Philippines’ benchmark stock index. The company said it remains committed to responsible business practices.
