Uot According To Bangko Sentral Governor Felipe Medalla Quot We Are Deeply Committed Ensuring That Attendant Risks In Using New Technologies Effectively Managed Through Enabling And Responsive Regulations News Today : Breaking News, Live Updates & Top Stories | Vimarsana

MANILA - Bangko Sentral ng Pilipinas-regulated institutions and related firms can now test and offer in a controlled environment some innovative products that may eventually be useful for the domestic financial system. The central bank's policy-making Monetary Board (MB) approved the Regulatory Sandbox Framework, which allows BSP Supervised Financial institutions (BSFIs), third-party service providers, and new financial institutions to use the test and learn (T&L) approach, which has been in place since 2024, in testing new products without risking the financial system's stability. The central bank "has always championed responsible innovation since we see it as a catalyst to promote efficiency in the financial system and expand financial inclusion," according to Bangko Sentral Governor Felipe Medalla. "We are deeply committed to ensuring that attendant risks in using new technologies are effectively managed through enabling and responsive regulations," ....

Bangko Sentral , Felipe Medalla , Monetary Board , Regulatory Sandbox Framework , Bangko Sentral Governor Felipe , Regulatory Sandbox Lite , Manila Bangko Sentral Ng Pilipinas Regulated Institutions And Related Firms Can Now Test Offer Ina Controlled Environment Some Innovative Products That May Eventually Be Useful For The Domestic Financial System Central Bank 39s Policy Making Monetary Board Mb Approved Regulatory Sandbox Framework , Hich Allows Bsp Supervised Financial Institutions Bsfis , Third Party Service Providers , Nd New Financial Institutions To Use The Test And Learnt Ampl Approach , Hich Has Been In Place Since 2024 , N Testing New Products Without Risking The Financial System 39s Stability Central Bank Quot Has Always Championed Responsible Innovation Since We See It Asa Catalyst To Promote Efficiency In And Expand Inclusion , Uot According To Bangko Sentral Governor Felipe Medalla Quot We Are Deeply Committed Ensuring That Attendant Risks In Using New Technologies Effectively Managed Through Enabling And Responsive Regulations , Uot He Added The Bsp Said Sandbox Under Framework Hasa Four Stage Process Application , Nd Exit Strategies That Will Be Conducted For 12 Months Before Evaluating Whether It Is Quot Fit Broader Or Mass Adoption Not Said Insights From The Regulatory Sandbox Projects Inform Development Of Policies Necessary To Regulate Activities Within And Around New Emerging Financial Solutions Relatively , T Explained That Institutions Applying To Testa Certain Product Using The Same Framework May Be Advised Use Regulatory Sandbox Lite , Hich Hasa Shorter Assessment Period , Ut Only For Quot Products Or Services That Are Already Within The Scope Of Existing Regulations We Can Achievea Careful Balance Between Perceived Benefits These Emerging Technologies While Managing Attendant Risks By Providinga Controlled Environment Digital Players To Harness Technology And Probe Limit What 39s Possible , Uot Medalla Said Quot Moreover , His Will Promotea Level Playing Field For Relevant Stakeholders Who Share The Bangko Sentral 39s Goal Of Promoting Welfare Filipinos By Maintaininga Safe , Nd Truly Inclusive Financial System Quot Pna ,