DigiPlus Interactive Corp., the company behind online gaming platforms BingoPlus, ArenaPlus and GameZone, has teamed up with Philippine First Insurance Co. (PhilFirst) to launch what they say is the country’s first surety bond program for online gaming players.
The program aims to provide financial protection for eligible users, covering player balances of up to P1 million, DigiPlus said in a stock exchange disclosure on Thursday.
“DigiPlus is proud to be the first in the industry to roll out this level of consumer protection,” DigiPlus chairman Eusebio Tanco said.
“With this surety bond, they can play confidently on BingoPlus, ArenaPlus and GameZone, knowing that their funds are safeguarded,” he said.
The move comes as the government and legislators call for stricter regulation of the online gaming industry.
To qualify for the surety bond, players should complete an electronic Know-Your-Customer (eKYC) verification, make at least one successful deposit and be in good standing with platform guidelines.
The surety bond applies automatically to all eligible players with no separate policy purchase required.
PhilFirst, also owned by the Tanco family, is the first Filipino domestic insurance company in the Philippines.
