Many in the banking industry complained and argued that these reforms will make lending more expensive and imply a decline in the quantity of credit and, therefore, of GDP. We in the regulatory community believe that the length of the transition periods provided for the implementation of the new rules will significantly diminish the costs, to banks and the economy alike.
Similar with the BSP’s existing regulatory framework and supervisory approach covering banks and other financial institutions, the BSP also applies the same framework and approach that is commensurate to the FinTech’s risk profile and systemic importance.