#digital financial services safeguards

The Bangko Sentral ng Pilipinas (BSP) announced in a press release that it is “finalizing new rules” for banks, e-wallets, and other financial service provides to adopt ‘stronger safeguards’ against online gambling. According to the BSP, these measures aim to minimize the risks of addiction, fraud, and financial harm while encouraging the responsible use of digital financial services. The European Commission has issued preliminary findings that Meta may have violated the Digital Services Act (DSA) over the allegedly addictive design of Facebook and Instagram. The investigation was formally launched in May 2024 and is part of the European Union's broader efforts to ensure that major online platforms comply with the Digital Services Act. The Bangko Sentral ng Pilipinas (BSP) is proposing to require banks, e-wallet providers, digital lenders, and other regulated financial institutions to connect their customer verification systems to the government’s National ID database. The BSP said NIDAS would allow financial institutions to use biometric and demographic verification to support secure and reliable digital customer identification. Under the proposed rollout, universal and commercial banks with retail banking services, digital banks, electronic money issuers, and virtual asset service providers would have three months from the memorandum’s issuance to submit their complete NIDAS applications. Read more in our articles including "BSP to implement stricter measures vs. online gambling: including face recognition" and "EU says Meta's infinite scroll and autoplay may violate Digital Services Act".