Fintech Companies’ Vital Role in Online Gambling Regulation
In recent years, online gambling has surged, becoming a significant concern for many Filipinos, especially the youth. Recognizing this, Sen. Sherwin Gatchalian emphasized the indispensable role of fintech companies in regulating online gambling. He highlighted that the participation of these firms is crucial to tightening safeguards and protecting vulnerable users.
“I welcome the stance of fintech companies to tighten the safeguards of online gambling that has now become a scourge for many individuals, including young people,” the senator stated. He stressed that the rapid growth of online gambling is closely linked to advancements in financial technology, making collaboration among fintech firms, gaming operators, and law enforcement essential.
Addressing Urgent Risks in Online Gambling
The Fintech Alliance Philippines recently announced that its members are preparing to implement robust due diligence measures. These steps aim to strictly control access to online gaming through digital payment platforms. The group identified several urgent risks that need immediate attention: addiction and financial ruin, underage and unverified individuals accessing platforms, and the spread of illegal gaming sites.
“I firmly believe that a united front among stakeholders would be more effective in protecting vulnerable individuals from the trap of unrestricted access to online gambling. We can only eliminate this problem if we unite with all our strength,” Gatchalian added.
Personal Stories Reflect the Stakes
The human toll behind these statistics is clear in stories like that of Lendon Purawan, a 39-year-old manicurist from Barangay Pandan, Ligao City. He began online gambling during a casual drinking session, initially seeing it as a stress reliever and quick income source. However, the habit soon brought mounting debts and emotional strain, showing how easily people can fall prey to the dangers of unregulated online gambling.
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