Personal Development, Finance, and Investing For Filipinos
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In line with the upcoming national election on May 9, 2022, GCash, the country’s leading mobile wallet, has pledged to implement the necessary safeguards to prevent possible misuse of the platform for illegal vote-buying for the upcoming 2022 local and national elections.
The fintech company made this commitment, together with other fintech companies 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).
According to GCash President and CEO Martha Sazon, who is also the Chairman of EMAP, the leading e-wallet has implemented stricter user onboarding and account verification processes to enhance traceability of transactions within the GCash platform. The company will also adopt more stringent measures as part of its “Know Your Customer” process. Sazon vowed to help implement good governance towards a clean and honest election, saying this is part of GCash’s civic duty to protect the credibility of the digital financial space that has made Filipino lives easier and better, 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. 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,” Sazon added.
With over 55 million subscribers, GCash, emphasized Sazon, will leverage on its huge customer base to disseminate the right information to the public and counteract fake news and fight election-related illegal activities such as vote-buying. Moreover, GCash will also strengthen its partnership and work closely with other regulators to discuss partnership opportunities to address possible vote-buying activities in the country and to comply with the necessary requirements to ensure that its platform will not be used for such illegal acts.
As a trusted service provider, GCash has always focused its efforts on nation-building and promoting financial inclusion for all Filipinos. GCash uses its platform responsibly and vigilantly by proactively reporting unfair and illegal practices that could compromise the nation's bid for a fair election. Additionally, GCash also has a strict onboarding process for account registration, verification and security controls to track the identity and traceability of unusual or suspicious digital transactions.
“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,” said BSP Governor and Monetary Board of the Philippines Chairman Benjamin E. Diokno.
During the virtual event, acting Commission on Elections (COMELEC) chairperson Socorro B. Inting also said that voters, government financial regulators, and private digital companies must likewise innovate by proactively establishing and maintaining an inter-institutional effort for the responsible use of digital payment platforms.
This initiative was also supported by Parish Pastoral Council for Responsible Voting (PPCRV) President Myla Villanueva, NAMFREL Bantay ng Bayan President Gus Lagman, LENTE Philippines Executive Director Ona Caritos, and FINEX Philippines President Mike Guarin.
For more information, visit https://www.gcash.com
GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1.3k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 4.5M partner merchants and social sellers; cash-in and cash-out at over 170k partner agents; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 55 million Filipinos in the country today.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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