E-wallets seek rule parity with consumers

Manila, Philippines - Fintech executives have urged policymakers to create regulations that balance the interests of both consumers and e-wallets, in order to promote digital finance in the country. During a panel discussion at the ASEAN Tech Summit Manila, industry leaders expressed concerns over policies that seem to prioritize consumer interests alone.

Barbie Dapul, GCash's operations chief, cited the Bangko Sentral ng Pilipinas circular encouraging low or zero transaction fees. However, she highlighted that GCash can only afford to charge a P10 fee, due to the costs of cybersecurity and reliability. Dapul called for regulations that would allow e-wallets to earn revenue sustainably.

Tala's Arianne Ferrer noted that the fintech industry plays a crucial role in driving digital finance growth. She advocated for co-regulation that balances consumer-centric goals with the need for profitability and sustainability for investors.

Maya Bank's Angelo Madrid reminded policymakers that regulations serve two purposes: protecting consumers and enabling investors. Dapul stressed that fairer regulations for e-wallets would boost their viability. She highlighted that GCash primarily serves unbanked Filipinos by reducing barriers to financial access. Dapul also argued that e-wallets should not be treated the same as traditional banks, as the former rely on payment services to fund growth, while the latter draw revenue from deposit and lending products.