Casinos posing as salons spur Philippine central bank review

Cliff Venzon & Ditas B Lopez / Bloomberg09-17 10:01

The Philippine central bank said electronic payment providers need to be more diligent in vetting companies that use their platforms in order to protect people from fraud.(Sept 17): Electronic payment...

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Mom and pop stores were also among the enterprises used by over 8,000 merchants whose accounts have now been shuttered for allegedly illegal activities.\nPhilippine Amusement and Gaming Corp chairman Alejandro Tengco said the state regulator is aware that many innocuous sounding businesses are in reality unregistered online casinos and is working with the central bank. \"Unfortunately, we don't have control over that,\" Tengco said.\nThe discovery also highlights the problems that arise when e-payments companies use intermediaries, called merchant aggregators, to help them aggressively expand their business. Financial inclusion is a big push in the archipelago of over 7,000 islands, and merchant aggregators are incentivised to link many small - mostly legitimate - businesses in far-flung areas to formal payment channels.\nThe Philippines central bank will now require payment platforms to collect more information on merchants being linked up, including owner details and licences. It also wants them to set up databases of legitimate merchants.\nRepeated violations could lead to revocation of payment licences, the central bank official said. \"If there are illegal activities and you're not able to stop it, then you are accountable,\" Tangonan said.\nUse of online payments in the Philippines has exploded in recent years amid the popularity of mobile wallets like GCash, whose parent Mynt Inc is set to hold a record initial public offering next month. Maya, a large e-wallet and digital bank operator backed by KKR & Co and PLDT Inc, is also considering going public. \nMaya said the company supports measures that \"strengthen the integrity, safety and trustworthiness of the digital payments ecosystem,\" adding that Maya has merchant on-boarding, due diligence and monitoring processes in place.\nThe EMoney Association of the Philippines said the group fully supports the central bank's goals of safeguarding and improving the country's payment system. \"It is important that there is accountability from the industry to ensure that we have a safe digital ecosystem for the market,\" a representative said in a text message. The association is currently reviewing and evaluating the BSP's proposed circular.\nGCash said it backs the BSP's efforts to protect consumers from illegal and fraudulent merchants. \"We remain committed to working closely with regulators and industry partners toward a safer, more trusted, and inclusive digital economy for all Filipinos,\" it said.\nDigital payments accounted for around two-thirds of total retail transactions in the Philippines in 2025, up from 57% in 2024 and a share of just 10% in 2018, when the central bank started reporting data.\nWhile more stringent due diligence may temporarily slow the expansion of digital payment activities, Tangonan said it should set the sector up for more sustainable growth. \n\"You shouldn't sacrifice safety for growth,\" he said. \"There's no trade-off there.\"\nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.0","shortVersion":"4.50.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2668990894","isCrawlerRequest":true}