The Bangko Sentral ng Pilipinas (BSP) plans to increase its oversight of fintech platforms after a significant glitch occurred involving unauthorized deductions from GCash-linked accounts, the leading mobile wallet in the country.

Deputy Governor Mamerto Tangonan confirmed that the central bank is actively investigating the source of the issue, which has raised concerns among users and regulators. This move is part of the BSP"s broader initiative to ensure the security and reliability of digital financial services in the Philippines.

The central bank"s commitment to strengthening regulatory measures reflects its ongoing efforts to protect consumers and maintain trust in the rapidly evolving fintech landscape.