The central bank in the Philippines told mobile wallets, payment apps, and other institutions that they must remove connections to online gambling sites as the country tries to control the fast-growing industry that has caused concern in society. Financial companies must remove icons that lead people to online betting within 48 hours from Thursday, Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said during a Senate session.

Shares of DigiPlus Interactive Corp., a leading online gaming company in the Philippines, dropped almost 20% at Thursday’s close. This was the largest decline in two weeks, despite showing a 30% rise in second-quarter profit. Lawmakers are discussing plans to limit or completely stop online gambling because they are worried about people falling into debt and getting addicted. President Ferdinand Marcos Jr. warned before that banning gambling might drive more people to illegal services.

Increased Regulatory Scrutiny on eWallets in the Online Gambling Industry

eWallets helped online gambling grow quickly, but now, officials are watching these services more closely as they aim to limit access. GCash, the most widely used eWallet in the Philippines and valued at five billion dollars, is owned by fintech firm Mynt, which is considered a unicorn company. The company explained they will follow the central bank’s decision: “After we get the official instructions, we will make the required changes and keep our users protected,” the statement read.

Maya, which is the fintech side of big telecom operator PLDT Inc., also responded. “We will change things as directed by BSP,” Maya shared in a statement. “Customers’ accounts and activities will stay safe and work as usual.” DigiPlus mentioned that their profit growth in the second quarter came from retail games as well as new games and new licenses. DigiPlus is ready to take the spot of Bloomberry Resorts Corp. in the Philippines’ main stock index starting next week. They confirmed they will keep following good business standards.