The Philippine central bank is scrutinizing fintech platforms and probing unauthorized deductions from a major mobile wallet.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto Tangonan confirmed the investigation into the GCash issue during an event in Cebu.

He highlighted the necessity of identifying the incident’s root cause to potentially review current policies and enforcement measures.

GCash has over 94 million registered users and is widely used across the Philippines. Many of the country’s 112 million people lack access to traditional banking services.