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BSP must improve crisis management – IMF

Published April 13, 2021, 7:00 AM The International Monetary Fund (IMF) is urging the Bangko Sentral ng Pilipinas (BSP) to strengthen its bank resolution and crisis management policy beginning with the “too big to fail” banks for early intervention and timely remedial action, making it easier to release emergency liquidity assistance (ELA). In this file photo taken on April 15, 2020, the seal of the International Monetary Fund (IMF) in Washington, DC. (Photo by SAUL LOEB / AFP / MANILA BULLETIN) In its latest “Financial System Stability Assessment” (FSSA), IMF strongly recommended that banking co-regulator, the Philippine Deposit Insurance Corp. (PDIC), should be granted “comprehensive” powers as the banking sector’s “resolution authority.”

Financial regulators sign agreement on fintech oversight

SunStar + 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

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