Sunday, March 13, 2022

GCash tightens verification to enhance traceability ahead of 2022 elections

GCash has announced that it has pledged to implement safeguards to prevent possible misuse of the platform for illegal vote-buying for the upcoming 2022 local and national elections.

GCash made this commitment together with other fintech companies at the recent virtual launch of FinTech Alliance Philippines and the E-Money Association of the Philippines’ (EMAP) advocacy campaign on 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, also Chair of EMAP, GCash 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 clean and honest elections, 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 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 partisan political activities during the elections,” Sazon added.

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 comply with the necessary requirements to ensure that its platform will not be used for such illegal acts.

BSP Governor and Monetary Board of the Philippines Chairman Benjamin Diokno, meanwhile, called on financial institutions to also be on guard against illegal financial activities in the runup to the elections.

“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,” Diokno said.