MANILA: The recent spate of unauthorised transactions, scams and other irregularities involving mobile financial services has prompted Senator Risa Hontiveros to call for a Senate probe.

Her proposed inquiry is contained in Senate Resolution No. 1234 filed on Wednesday.

“We need to take action on the complaints of our fellow countrymen who are victims of scams or hacking in mobile financial services, who seem to have no one to turn to for help in recovering their stolen money,” Hontiveros said in Filipino in a statement yesterday.

“We must implement a system that enhances regulatory oversight over the fintech sector, so Filipinos can trust that their hard-earned money is safe – even online,” she added.

Although there are existing rules and regulations governing the financial technology or fintech sector, Hontiveros said there is “no legislative framework yet in place to ensure stability and transparency, build public trust, and promote inclusion vis-à-vis this class of services”.

“A lot of people are benefiting from mobile financial services, especially those who are ‘unbanked’ or unable to open a bank account. We need a law that will protect the interests of every Filipino using digital wallets, especially in cases of scams, hacking, or other irregularities,” Hontiveros said in Filipino.

GCash alone, she said, has an estimated 76 million users who posted six trillion peso transactions in 2022.

 - ANN