DICT has no ability to audit for fintech firms like GCash

With the issue of GCash’s ‘system reconciliation’, the Department of Information and Communication Technology (DICT) has made a statement saying that they do not have any authority to audit fintech firms like . “Kami ho sa pamahalaan particularly ho sa DICT eto rin ho talaga yung problema natin, na private institutions encounter these kinds of [problems]. Hindi ho natin ma-check or hindi ho kami makapasok dahil wala naman tayong regulatory powers over them,” stated by DICT Assistant Secretary Renato Paraiso.

DICT only has the authority to check the system of private institutions. “Ang nangyari ho sa GCash marami din hong nagsamantala na nagpapadala ho ng mga fake messages in order to get personal information ho doon sa mga clients ho ng GCash, even yung mga financial informations ho nila,” Paraisio commented..