Metro Manila (CNN Philippines, September 29) — GCash, a mobile wallet with more than 80 million users, has committed to providing data to the country’s corporate watchdog to help pin down cybercriminals.
The company, backed by Globe Telecom and Chinese billionaire Jack Ma, said Thursday that it inked a deal with the Securities and Exchange Commission (SEC). Under this, GCash would cooperate with SEC in its investigation through disclosing “relevant information and data in accordance with prevailing laws, rules, and regulations.With the pandemic accelerating the use of digital payments, the SEC said the Philippines has recorded “a concerning rise” in cybercrimes, such as online scams and investment fraud.The SEC noted that the prey of these cybercriminals usually tap online money transfer services, like e-wallets, for daily transactions.[W]e must think of ways for fintech companies like GCash to thrive. Financial services offered by GCash will further the cause for financial inclusion and bring the capital market to more Filipinos,” SEC chairperson and CEO Emilio Benito Aquino said in a statement.The MOA (memorandum of agreement) entered into today allows efficient cooperation between the EIPD (Enforcement and Investor Protection Department) and GCash. Through this MOA, the EIPD can request vital information from GCash to build better cases in its fight against fraud,” Aquino added.Meanwhile, G-Xchange Inc. chief executive officer Ren-Ren Reyes said the group will continue to invest in the GCash platform to bolster its security features.
