Its objective is to not only promote innovation in the sector, but also identify the challenges and opportunities associated and address them in a timely manner. 25. Within the regulatory envelope, activity-based regulation as opposed to entity-based regulation is gaining traction. Entity-based regulatory requirements are prudential, conduct and governance related to the regulated entity rather than targeting at any activity.
Last April, we extended the payments use case of the QR Ph to include person-to-merchants or P2M. Compared with using point-of-sales terminals, QR technology presents small merchants with a simpler and more affordable payment facility. The BSP also supports the Philippine ID System or PhilSys because this will address the lack of identity documents which is among the most common barriers to account opening.