Philippine gambling apps and ties to digital banks criticized
Concerns about the relationship between digital banks and Philippine gambling led to government intervention. House Majority Leader Erwin Tulfo joined other lawmakers this week in filing House Resolution (HR) 1464 to find out whether foul play occurred.
The resolution seeks to authorize the government to investigate the legality of gambling links on at least one digital banking platform. Six digital banks have received licenses from the Bangko Sentral ng Pilipinas (BSP).
Maya Digital Savings Bank, Uno, Tonik, CIMB, Union Bank and GoTyme Bank are on the list and are under observation. Only Maya has links to gambling apps on its platform.
Lawmakers are eager to know whether the Bangko Sentral ng Pilipinas is aware of the link between digital banking and gambling activities. Tulfo believes that if these gambling apps operate within the law, it raises questions about the validity of the Philippine Amusement and Gaming Corporation. (PAGCOR) to provide appropriate monitoring and regulation.
Breaking gambling regulations
The investigation also addressed the question of whether banking regulators should integrate gambling apps into savings banks’ digital platforms. Lawmakers said the move raised concerns about possible impacts on financial stability, responsible gambling and consumer welfare.
The filing of H.R. 1464 signals the administration’s commitment to address potential risks associated with the convergence of digital banking and gaming. As digital banking platforms become more commonplace, lawmakers want to ensure regulators can protect the integrity of the financial sector.
The research reflects wider discussions about the changing financial services landscape as digital-only banks become increasingly popular.
READ: House Deputy Majority Leader Erwin Tulfo joins other members of the House in filing House Resolution 1464, calling on relevant House committees to investigate digital banking platforms and provide shortcuts to support legislation running gambling app. | By Meira Lesmoras pic.twitter.com/I1r7rb1gy9
— PTVph (@PTVph) 14. November 2023
Online gambling is a hot topic
Senator Win Gatchalian has led calls for Philippine offshore gaming (POGO) operators to be deported from the country to combat cross-border crime. He now has additional support from the National Intelligence Coordination Agency (NICA).
The agency said in a statement that closing or permanently halting online gambling operations and related illegal activities significantly exceeds the revenue of the sector. The closures will help reduce human trafficking, forced labor, kidnapping and other crimes nationwide.
Recently, we discovered that Chinese citizens working for POGO Smart Network Technology in Pasay City were able to illegally obtain government ID cards. The revelation heightened concerns about the infiltration of organized crime linked to POGOs. Items illegally obtained included foreigner registration certificates, foreigner employment certificates and certificates of no criminal record.
PAGCOR claims to be cracking down on POGOs with a new internet gambling licensing framework, requiring online operators to apply for new licenses. However, the extent of illegal activity associated with companies such as Smart Web raises questions about the thoroughness of these measures.
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Source: www.casino.org
