There has been an increasing amount of BSP Supervised Financial Institutions that have leveraged on FinTech to support their business strategies and manage day-to-day business processes. This prompted us to craft appropriate regulations to safeguard public interest while fully recognizing that these technological innovations can contribute to a more inclusive and safe financial ecosystem.
Our approach to regulating FinTechs is shaped by three principles, (a) first, we ensure that regulation is risk-based, proportionate and fair, (b) second, we maintain active multi-stakeholder collaboration, (c) and lastly, we ensure that innovations must work for the benefit of consumers, especially the most vulnerable ones.