SEC Launches New Office for Fintech Innovation in the Philippines

​Fazzaco learned that the Securities and Exchange Commission (SEC) announced on July 30 the launch of the PhiliFintech Innovation Office (PIO), under its Corporate Governance and Finance Department(CGFD), which would focus on the regulation of the use of fintech, or financial technology, in the Philippines.

According to the official press release, the PIO is mandated to reduce gaps in consumer and investor protection tempered by financial inclusion, integrity, and stability through a dedicated focus on the regulation and growth of fintech activities; create better-informed policies for newand existing fintech innovators; and capacitate the SEC with expertise to effectively regulate fintech activities and promote an innovative culture in the corporate sector.

And the IPO will drive the processing of the registration of new fintech companies along with the appropriate department of the Commission. It shall likewise serve as the first point of contact for existing fintech companies, which have been operating without proper regulation or authorization, or which will introduce new fintech products.

“Integral to our mission of championing the business sector, the capital market and the investing public, is fostering innovation,” said SEC Chairperson Emilio B. Aquino.

“Accordingly, the Commission has supported new and emerging business concepts while taking a proactive stance against any excessive risk buildup to ensure market integrity. The PIO will be at the forefront of building an enabling regulatory environment for fintech, in particular.”