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+ February 24, 2021 THE country’s financial sector regulators have signed a memorandum of agreement (MOA) under the auspices of the Financial Sector Forum (FSF) on the establishment of a Cooperative Oversight Framework on financial technology (fintech) innovation.
FSF is a voluntary inter-agency body comprised of the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Philippine Deposit Insurance Corp., and the Insurance Commission.
“The framework aims to facilitate seamless regulation and supervision of fintech companies across the financial sector leveraging on the consultative and collaborative platform under the MOA. This will ensure that risks attendant to fintech activities are effectively managed without stifling innovation. The operationalization of the MOA is seen to avoid regulatory overlaps and arbitrage and promote adherence to standards set out in relation to cyber security, anti-money laundering/combatting of financing