Since the start of the pandemic, Filipinos have slowly stayed away from physical or offline banking transactions in favor of online banking and digital finance. For financial brands, this offers a unique opportunity to address people’s needs like never before, while they are challenged to ensure that the public’s trust and money are in safe hands.
Speaking at a panel discussion in the recently concluded Manila Tech Summit, Miguel Geronilla of GCash emphasized the importance of transparency, collaboration, and innovation in creating a safe and inclusive digital ecosystem.
“For me, it’s beyond security. It’s all about trust and transparency to the customer. They know what happens; they know what to do; and they know the recourse that they will take if and when fraud happens,” Mr. Geronilla said.
Organized by FinTech Alliance.Ph, the country’s largest digital industry association representing over 130 companies that drive more than 95% of digital retail transactions, this year’s summit carried the theme “Forging a New Global Order: Risks and Opportunities Redefined.”
With the proliferation of financial fraud, Mr. Geronilla pointed out that quick responses are vital in the fight against fraud, especially in a real-time digital environment where transactions happen constantly.
“With thousands of transactions happening at the same time, we all process these real-time, verifying legitimate transactions and rejecting suspicious activities that may be linked to fraud,” he explained.
He also advocated for a centralized IT infrastructure that enables the industry, and potentially the entire country, to more effectively identify and prevent fraudulent activity.
“If we could have that as an industry or as a country, it would greatly reduce fraud, and those who commit fraud know that they will be identified.”
GCash Chief Information Security Officer Miguel Geronilla at the Manila Tech Summit
Building on this, the GCash official believes collective industry action, aligned around common standards, is key to making progress in building trust for Filipinos and digital transformation.
“From a standards perspective, we’re working toward unified trust. As a country, we’re still undergoing digital transformation, but what matters is that we’re moving in the right direction,” he explained.
Events like the Manila Tech Summit are a great example of this unity, according to Mr. Geronilla, because such conferences encourage collaboration across all sectors of the digital finance space and provide a venue where industry leaders can discuss pressing matters.
“This event shows that the fintech industry is united in making sure that in an industry that is getting more digitized, we’re moving forward in trust and security, and that we’re all in this together,” he said.
He added that these conversations are not just for major players, but also for smaller fintech companies, helping them understand the shared path forward and ultimately arrive at the same goal of a secure digital finance space.
“Events like the Manila Tech Summit are important because it helps not just the big players, but also the small players, to understand where we should be going, what we should do, and what are the things that we should aim for,” he expounded.
Mr. Geronilla also acknowledged the ongoing development of the Anti-Financial Account Scamming Act (AFASA), noting that while it still has areas needing clarification, the framework it provides is a critical step in the right direction.
GCash Chief Information Security Officer Miguel Geronilla says that the company is committed to safeguarding customer data and transactions through continuous investments in the latest cybersecurity technologies.
AFASA, or Republic Act. 12010 was enacted last year and recognized the vital role of banks, non-bank financial institutions, other payment service providers, and the general banking public in promoting and maintaining a stable and efficient financial system.
“Specifically with the AFASA, there are still a lot of gray areas that need to be clarified. However, the good thing about AFASA is the fact that it is already here. We have a framework. We have a clear standard that everyone should follow, and with that in place, we can move into action and execution — starting with GCash in the digital space and encouraging others to follow as well,” he encouraged.
Reflecting on the broader shift from physical to digital finance in the Philippines, Mr. Geronilla stressed the importance of making digital platforms safe for all users, not just GCash customers, but the entire financial ecosystem.
“Conversations that we had and are having are really relevant. But what’s most important is that, beyond the relevance of the discussions, we are now working to ensure that this becomes a safe space. Gone are the days of physical payments and transfers; we’re all transitioning to digital payments, and not just for GCash, but for the entire industry. It’s important that we create a safe space for everyone,” he said.
Lastly, Mr. Geronilla highlighted the powerful role that technology, especially AI and biometrics, plays in securing digital experiences, even when customers don’t see it directly.
“We’re doing a lot, and we’re at the forefront of ensuring that everything we do is strengthened by technology — whether through AI, facial recognition, or other safeguards. These protections work seamlessly in the background, so customers simply experience smooth, secure transactions,” he concluded.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.