Metro Manila (CNN Philippines, September 29) — GCash, a mobile wallet with more than 80 million users, is committed to providing data to national corporate watchdogs to identify cybercriminals.
The company, backed by Globe Telecom and Chinese billionaire Jack Ma, announced Thursday that it had signed a deal with the Securities and Exchange Commission (SEC). Under this, GCash will cooperate with the SEC’s investigation by disclosing “relevant information and data in accordance with existing laws, rules, and regulations.”
The Philippines has recorded an “alarming increase” in cybercrime, including online fraud and investment fraud, as the pandemic accelerates the use of digital payments, the SEC said.
The SEC noted that these cybercriminals’ prey typically use electronic wallets and other online money transfer services for everyday transactions.
”[W]Fintech companies like GCash have to think about how to grow. The financial services provided by GCash will further the cause of financial inclusion and bring capital markets to more Filipinos,” SEC Chairman and CEO Emilio Benito Aquino said in a statement. Ta.
“The MOA (Memorandum of Agreement) signed today enables efficient cooperation between the EIPD (Enforcement and Investor Protection Department) and GCash. We can request important information from GCash to build a good case,” Aquino added.
Meanwhile, G-Xchange Inc. CEO Lenlen Reyes said the group will continue to invest in the GCash platform to enhance its security features.
G-Xchange Inc. is a division of Globe, which operates GCash.