Mobile wallet service GCash has said that it will pledge to implement safeguards to prevent the platform from being used for illegal vote-buying in the upcoming 2022 local and national elections.
Together with other fintech firms, the e-wallet platform made this commitment during the recent virtual launch of the FinTech Alliance Philippines and the E-Money Association of the Philippines' (EMAP) advocacy campaign on responsible use of digital payment platforms. The said campaign was launched in partnership 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, they implemented stricter user on-boarding and account verification processes to enhance traceability of transactions within the platform. In addition, the mobile wallet app will adopt more stringent measures as part of its "Know Your Customer" process.
Sazon pledged to assist in implementing good governance in order to ensure clean and honest elections, stating that this is part of GCash's "civic duty to protect the credibility of the digital financial space," which has made life easier and better for Filipinos, particularly during the pandemic.
GCash, which has over 55 million subscribers, will use its massive customer base to disseminate accurate information to the public, combat fake news, and combat election-related illegal activity such as vote-buying, Sazon said.
Additionally, GCash will strengthen its partnerships and collaborate closely with other regulators to discuss partnership opportunities to address potential vote-buying activities in the country and ensure that its platform is not used for such illegal activities.
Further, GCash has a "strict on-boarding process" for account registration, verification, and security controls that allow for the tracking and tracing of unusual or suspicious digital transactions.
Meanwhile, BSP governor and Monetary Board of the Philippines chairman Benjamin Diokno urged financial institutions to be vigilant against illegal financial activities in the run-up to the polls.
Acting Commission on Elections (COMELEC) chairperson Socorro Inting also stated during the virtual event that voters, government financial regulators, and private digital companies must innovate by proactively establishing and maintaining an inter-institutional effort to promote responsible use of digital payment platforms.
This initiative was also endorsed by Myla Villanueva, President of the Parish Pastoral Council for Responsible Voting (PPCRV), Gus Lagman, President of NAMFREL Bantay ng Bayan, Ona Caritos, Executive Director of LENTE Philippines, and Mike Guarin, President of FINEX Philippines.
"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," said Sazon. "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."
"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 Diokno.
