BSP tells GCash to resolve fund deductions

THE Bangko Sentral ng Pilipinas (BSP) has told GCash operator G-Xchange, Inc. (GXI) to “swiftly resolve” the fund deductions that occurred on the platform on Tuesday, it said on Wednesday.

GXI was also instructed to submit the required regulatory report, the BSP said in a statement.

“In response, GXI has expressed its commitment to make the necessary adjustments in the affected accounts,” it said.

“The BSP is also actively engaging with the affected BSP-supervised financial institutions to mitigate the impact of the GXI incident,” the central bank added.

Asia United Bank Corp. (AUB) and East West Banking Corp. (EastWest Bank) have said they will cooperate in the investigation into the incident.

Funds from GCash customers were said to have been transferred to AUB and EastWest Bank accounts via InstaPay.

AUB said on Tuesday that it put the suspected account on hold after it was alerted by GCash about the transactions.

For its part, EastWest Bank said it is launching an internal investigation after being made aware of the fund transfers.

GCash on Tuesday said it did not find any evidence of hacking involved in the e-wallet deductions.

The e-wallet platform became operational at 4 p.m. on Tuesday, GCash said. It assured that no funds had been lost and that the e-wallet can be safely used again. — By AMCS