SEC formally launches Philifintech Innovation Office

TRUE to its mandate of promoting financial inclusion and at the same time protect investors and other financial consumers, the Securities and Exchange Commission (SEC) formally launched the Philifintech Innovation Office (PIO) last July 30, via Zoom, under its Corporate Governance and Finance Department (CGFD). The office will specifically focus on the regulation of financial technology (fintech) use in the Philippines.

In the June 16 article entitled "SEC introduces Philifintech Innovation Office," I said that the PIO aimed to reduce gaps in consumer and investor protection, tempered by financial inclusion, integrity and stability, through a dedicated focus on the regulation and growth of fintech activities; create better-informed policies for new and existing fintech innovators; and provide the SEC with expertise to effectively regulate fintech activities and promote an innovative corporate culture.