Under the B-READY program, smart data is used for the community's early warning system. Even before a typhoon strikes, digital cash transfers are disbursed straight to the PayMaya accounts of identified beneficiaries, enabling them to better prepare.
Kelvin Lester K. Lee, supervising commissioner of the SEC’s Philifintech Innovation Office (PIO), said regulators have a crucial role in managing the benefits and risks associated with fintech.
The PhiliFintech Innovation Office (PIO), under the SEC’s Corporate Governance and Finance Department (CGFD), will focus on the regulation of the use of fintech, or financial technology, in the Philippines.
The National Privacy Commission (NPC) said on Tuesday, July 27, that anti-fraud data sharing initiatives of the financial services industry must eliminate potential risks on the personal data of data subjects.
In the Philippines, digital banking dominates 69% of all finance app installs, showing the high adoption rate that Filipinos have when it comes to fintech products.
The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players, according to the BSP.
The framework, which will cover all financial institutions performing multiple regulated activities using a single application platform, aims to facilitate seamless regulation and supervision of fintech companies.
The two Philippine FinTech groups -- FinTech Alliance.PH and FinTech Philippines Association – have announced plans to collaborate on the launch of the Philippines Fintech Industry Sandbox, which is supported by the UK Prosperity Fund Asean Economic Reform Program (Asean ERP).
Without a vaccine for Covid-19, BSP assistant governor Iluminada Sicat said the increasing trend in digital transactions is expected to continue “even as lockdown measures are eased”.
