Monday, June 17, 2024

Tech industry needs regulations to help boost growth, says foodpanda

With a dynamic approach and more involved participation from stakeholders, government policies and regulations can help promote and support innovation in the tech industry, according to foodpanda Philippines finance chief Lhecks De Castro.

A panel of experts at the recently held Law x Tech & Capital Summit 2022

De Castro, speaking at the recent Law x Tech & Capital Summit 2022, added that this will help local companies keep up with the rapid developments in the tech sector and offer better opportunities for players in the industry.

This year’s summit discussed the interplaying roles of innovation, investment, and law in reshaping and redefining the tech and financial industry. Organized by law firm Gorriceta Africa Cauton & Saavedra, brought together top experts from traditional financial institutions and start-up tech companies.

De Castro said foodpanda, as one of the leading tech companies in the country, supports the aim to develop laws and policies that will adequately regulate the tech industry. However, he stressed the importance of finding the perfect balance between ensuring consumer protection while providing room for innovation and promoting the interest of tech platforms. 

“Regulators should be more open to new approaches when it comes to regulating the tech industry to promote and welcome tech innovations fully. We can achieve this through innovative ideas and constant collaboration from all key players,” De Castro shared.

One of the measures that De Castro cited to be encouraging this practice is BSP’s sandbox approach. “The implementation of the sandbox regulatory approach is a testament to BSP’s thrust to work with stakeholders in crafting the appropriate regulatory measures,” the executive said.

The sandbox approach is a standard framework for financial institutions to offer services and products under a controlled and time-bound testing environment.

To ensure continuous innovation and development in their products and services, De Castro revealed that they have constant dialogues and collaboration with regulators to make the necessary tweaks and changes. Aside from this, he added that they always listen to the feedback of customers and other stakeholders, including their delivery partners and partner vendors.

In the summit, he also declared that they support the government in promoting inclusivity by ensuring that through their platform, they add value to the changing needs of their stakeholders.

“For example, with our technology, we provide more ways to ensure more businesses, especially micro, small and medium enterprises (MSMEs), will survive and thrive amid the new normal. An example is the vendor financing program wherein we look for lending and financing institutions and bridge them to our partner restaurants and merchants.”

De Castro also mentioned that the company pledges its commitment to support all policy discussions and conversations around the industry, especially in the e-commerce industry where they operate.

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