This is why in the 3rd quarter of last year, the Financial Sector Forum, composed of four financial regulators in the country, namely the Securities and Exchange Commission (SEC), the Insurance Commission (IC), the Philippine Deposit Insurance Corporation (PDIC) and the BSP, formed a FinTech Committee aimed at harmonizing regulatory responses to FinTech innovation in the financial sector.
Among the priority agenda that the FSF-Fintech Committee undertook was identifying the numerous Fintech use cases and the scope of authorities of each regulators. Through clear understanding and increased collaboration, financial regulators can quickly anticipate changes, assess technological trends across different sectors, and optimize the potential of digital innovations to provide more convenient, and efficient financial services.