BSP bans gambling links in e-wallets to protect financial system

National

NO MORE gambling inside your e-wallet.

The Bangko Sentral ng Pilipinas (BSP) has enforced a ban on in-app betting links, a move meant to curb illicit financial activity and safeguard the country’s hard-won exit from the FATF gray list.

BSP Governor Eli Remolona Jr., speaking at the 2025 Manila Tech Summit, said electronic money issuers and financial institutions were directed to strip out gambling access embedded in their platforms, with a 48-hour compliance deadline. “The suspension stands,” he told reporters, as quoted in a Philstar report.

Remolona noted that some operators initially failed to meet the deadline, prompting cease-and-desist orders, but they ultimately removed in-app gambling access.

He explained that gambling merchants are now completely barred from e-wallets due to the heightened risk of money laundering and other illicit financial activities, a move expected to reduce industry earnings as online gambling had been a significant revenue source.

The BSP governor acknowledged that unresolved online gambling issues could threaten the Philippines’ status with the Financial Action Task Force. While regulated platforms can no longer host gambling links, he admitted that users may migrate to unregulated sites beyond the central bank’s reach, and said the BSP is studying additional safeguards and discussing potential new restrictions.

President Ferdinand Marcos Jr., also present at the summit, highlighted the growing dangers of online gambling and digital fraud. He explained that suspending in-app gambling access in mobile payment apps and websites is part of broader efforts to protect citizens and maintain the integrity of the financial system.

Beyond local regulatory concerns, Remolona addressed threats to central bank independence on the global stage, citing discussions from the recent Jackson Hole Symposium in the United States.

He warned that political pressure poses a very significant risk to the independence of the US Federal Reserve and other central banks, noting that the continued tenure of Fed Chair Jerome Powell is driven more by safeguarding central bank autonomy than by monetary policy alone.(MyTVCebu)