{"id":298838,"date":"2023-11-15T03:12:26","date_gmt":"2023-11-15T09:12:26","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=298838"},"modified":"2023-11-15T23:06:28","modified_gmt":"2023-11-16T05:06:28","slug":"relationship-between-gambling-apps-and-digital-banks-under-fire-in-the-philippines","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/relationship-between-gambling-apps-and-digital-banks-under-fire-in-the-philippines\/","title":{"rendered":"Philippines Gambling Apps and Digital Banks Relationships Under Fire"},"content":{"rendered":"

Concerns over the relationship between digital banks and gambling in the Philippines<\/a> have prompted government intervention. House of Representatives Majority Leader Erwin Tulfo, alongside fellow lawmakers, filed House Resolution (HR) 1464 this week in an effort to determine if there is anything shady going on.<\/p>\n

\"Philippine
Philippine actress and model Liza Soberano promoting the digital bank Maya. The bank is under scrutiny for a relationship with gambling apps. (Image: Maya via YouTube)<\/figcaption><\/figure>\n

The resolution seeks to empower the government to investigate the legality of gambling links on at least one digital bank’s platform. Six digital banks are licensed by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.<\/p>\n

Maya Digital Savings Bank, Uno, Tonik, CIMB, Union Bank, and GoTyme Bank make up the list and are under scrutiny. Only Maya has links to gambling apps on its platform.<\/strong><\/p>\n

Lawmakers are eager to ascertain whether the BSP is aware of the connection between the digital bank and gambling activities. Tulfo believes that if these gambling apps are operating within the bounds of the law, it raises questions about the efficacy of the Philippine Amusement and Gaming Corp<\/a>. (PAGCOR) in monitoring and regulating them appropriately.<\/p>\n

Undermining Gaming Regulations<\/h2>\n

The investigation also delves into whether bank regulators should include gambling apps within a savings bank’s digital platform. Such a move, lawmakers say, raises concerns about potential impacts on financial stability, responsible gambling<\/a>, and consumer welfare.<\/p>\n

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The filing of HR 1464 signals the government’s commitment to addressing potential risks associated with the convergence of digital banking and gambling. With the increasing prevalence of digital banking platforms, lawmakers want to ensure that regulatory authorities are equipped to safeguard the financial sector’s integrity.<\/p>\n<\/div>\n

The inquiry reflects a broader conversation about the evolving landscape of financial services as digital-only banks become more prevalent.<\/p>\n

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READ: House Deputy Majority Leader Erwin Tulfo, along with other House members, filed House Resolution No. 1464, urging the appropriate House committee to conduct an inquiry, in aid of legislation, into digital banking platforms with linkages to gambling apps. | via Mela Lesmoras pic.twitter.com\/I1r7rb1gy9<\/a><\/p>\n

— PTVph (@PTVph) November 14, 2023<\/a><\/p><\/blockquote>\n