GCash tightens verification in order to improve traceability ahead of the 2022 elections

GCash has said that it will put in place safeguards to prevent the platform from being used for unlawful vote-buying in the upcoming municipal and national elections in 2022.

At the recent virtual launch of FinTech Alliance Philippines and the E-Money Association of the Philippines’ (EMAP) advocacy campaign on ethical usage of digital payment platforms, GCash made this promise among other fintech businesses. The program was launched in partnership with the Philippine Central Bank (BSP) and the Anti-Money Laundering Council (AMLC) (AMLC).

GCash has enhanced stronger user onboarding and account verification processes to strengthen transaction traceability within the GCash platform, according to GCash President and CEO Martha Sazon, who is also the Chair of EMAP. As part of its “Know Your Customer” procedure, the corporation will also take more strict checks.

Sazon pledged to assist in the implementation of good governance in order to ensure free and fair elections, claiming that this is part of GCash’s civic obligation to safeguard the legitimacy of the digital financial space, which has made Filipino lives easier and better, particularly during the pandemic.

“GCash will stay consistent in our commitment to promote responsible usage of digital payment platforms, particularly in the run-up to the 2022 elections,” says the company. During the elections, we will make sure that the digital products, platforms, and services available are not utilized for vote-buying, vote-selling, or other illicit partisan political activity,” Sazon stated.

GCash will also enhance its collaboration with other regulators and work closely with them to discuss partnership prospects to address potential vote-buying activities in the country, as well as meet the essential standards to ensure that its platform is not utilized for such unlawful actions.

Meanwhile, BSP Governor and Chairman of the Monetary Board of the Philippines Benjamin Diokno urged financial institutions to be wary of unlawful financial operations in the run-up to the elections.

“The BSP also urges financial institutions under its supervision to improve surveillance and monitoring systems against digital vote-buying and selling, as well as assist individuals in better preventing and detecting such illicit conduct,” Diokno added.

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