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Cebu City eyes penalties vs. fintech companies for glitches

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Cebu City has sought to penalize financial technology (fintech) firms involved in digital payment platforms for technical glitches.

The City Council via a resolution filed by City Councilor Rey Gealon has requested recommendations from the Bangko Sentral ng Pilipinas (BSP) on the feasibility of imposing penalties on online payment service providers in the event of technical glitches.

The resolution was approved during the regular session on May 17, 2023. (https://bit.ly/3BMA2bK)

This action was taken following reports and complaints from GCash users about unauthorized withdrawals from their accounts on May 8.

“The breach in personal digital security must still be answered,” said Gealon.

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