A defining moment for fintech firms
RECENT unauthorized transactions involving GCash signal the need for better security, transparency and oversight, despite assurances from the electronic wallet giant that it has fixed the system issues that caused those transactions to happen for an undisclosed number of users.Last week, GCash issued a statement saying it had 'completed the necessary wallet adjustments to its affected users' and assured them their accounts were safe.
Despite these assurances, the Department of Information and Communications Technology and the Bangko Sentral ng Pilipinas said they would investigate the latest system glitches, although the former has said it has no regulatory power to check the systems of financial technology companies such as GCash.Information Undersecretary Jeffrey Ian Dy said the DICT was investigating the issue.
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