Fintech firms tighten rules to prevent vote-buying

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To curb possible misuse of mobile wallets for illegal vote-buying in the May 9, 2022 elections, fintech companies pledged to implement safeguards in user onboarding and account verification processes to allow transactions to be traced easily.

The fintech companies made the commitment during the recent virtual launch of FinTech Alliance Philippines and the E-Money Association of the Philippines’ (EMAP) advocacy campaign on the responsible use of digital payment platforms.

The campaign was launched in collaboration with the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC).

For its part, mobile wallet GCash already implements a strict onboarding process for account registration, verification and security controls to track the identity and traceability of unusual or suspicious digital transactions, according to GCash President and CEO Martha Sazon, who is also EMAP Chairman.

GCash is leveraging on its over 55 million subscribers to counteract fake news and fight election-related illegal activities such as vote-buying, she stressed.

Part of GCash’s civic duty is to protect the credibility of the digital financial space that makes Filipino lives easier, especially during the pandemic

“GCash will remain steadfast in our commitment to promote the responsible use of digital payment platforms, especially in the days leading up to the 2022 elections,” Sazon reiterated.

“We will ensure that the digital products, platforms, and services offered are not misused for vote-buying, vote-selling, and other illegal political partisan activities during the election,” she underscored.

In addition, GCash works closely with regulators to address possible vote-buying activities and ensure that its platform will not be used fot illegal acts.

“BSP also calls on the financial institutions under its supervision to enhance the surveillance and monitoring mechanisms against digital vote buying and selling and help citizens better prevent and detect such illegal acts,” BSP Governor and Monetary Board of the Philippines Chairman Benjamin E. Diokno stated during the virtual event.

Overall, voters, government financial regulators, and private digital companies must maintain an inter-institutional effort for the responsible use of digital payment platforms, stressed acting Commission on Elections (COMELEC) chairperson Socorro B. Inting.

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Credit belongs to : www.mb.com.ph

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