The "White Horse Payment" in the Philippines is a well-known payment platform among the local Chinese community, primarily serving casino VIP rooms and the online gambling industry.
This platform not only provides an electronic wallet function but also supports users in account creation, fund transfers, and cryptocurrency operations. However, in recent years, White Horse Payment has attracted significant regulatory attention due to its alleged involvement in money laundering activities and illegal gambling.
Features and Characteristics of White Horse Payment
White Horse Payment is similar to other white-label payment gateways, allowing businesses to deploy and operate payment systems quickly without developing their own technology. Users can recharge, transfer, and withdraw funds through the platform, and some partner merchants offer exclusive discounts for using White Horse Payment, such as a 5% discount at certain restaurants.
In addition, White Horse Payment has close cooperation with Philippine Online Gaming Operators (POGO). It has been reported that some POGO companies have used White Horse Payment to pay their employees, who then need to withdraw their salaries from casinos, raising questions about its legality and security.
Suspected Money Laundering and Regulatory Intervention
White Horse Payment has been investigated by the Philippine Anti-Money Laundering Council (AMLC) for its alleged involvement in money laundering activities. For example, in a kidnapping case involving a Chinese businessman named Guo, the police found that the ransom was quickly converted into cryptocurrency through platforms like White Horse Payment, making it difficult to trace the funds. Additionally, the AMLC has required high-value account holders of platforms like White Horse Payment to provide proof of fund sources to prevent illegal money flows.
These incidents have exposed loopholes in the regulatory system of White Horse Payment and have raised public concerns about its legality and security.
Comparison with Other Payment Platforms
Unlike White Horse Payment, the Philippines also has other legal payment platforms such as GCash, Dragonpay, and AltPayNet. These platforms are usually regulated by the Central Bank of the Philippines (BSP) and provide safer and compliant payment services. For example, Dragonpay supports various payment methods, including bank transfers and over-the-counter payments, and is widely used in the e-commerce sector.
In contrast, the operational model of White Horse Payment lacks transparency and is closely related to high-risk industries, increasing the risk to user funds.
Conclusion
White Horse Payment has played a significant role in the Philippine gambling and Chinese community, providing convenient payment solutions. However, with increased regulatory efforts and crackdowns on illegal financial activities, the future of White Horse Payment is uncertain. When choosing a payment platform, users should prioritize its legality, security, and regulatory compliance to ensure the safety of their funds.
