The Securities and Exchange Commission (SEC) on Tuesday said it has joined the Global Financial Innovation Network (GFIN) to support the development of the Philippine capital market.
Formally launched in 2019, the GFIN is composed of more than 60 organizations committed to supporting financial innovation in the interest of consumers.
Through the GFIN, the agency said it will widen its avenue for collaborative knowledge-sharing with other financial services regulators and international organizations in areas such as financial integrity, consumer well-being and protection, financial inclusion, competition, and financial stability through innovation in financial services.
As a member, the agency will be able to perform pilot testing of new technologies to assess how a product or service might operate in a live market setting in multiple jurisdictions.
“We thank the GFIN for welcoming the SEC to its growing membership,” SEC chairman Emilio B. Aquino said.
“In the current operational milieu where technology plays a major part in regulation and supervision of the capital market, the SEC will be able to keep abreast of innovations worldwide through its participation in the GFIN and utilize them in the development of efficient regulation and forward-looking policies.”
The GFIN also recently admitted as members the Reserve Bank of India, Bank of Mauritius, Anguilla Financial Services Commission, Indonesia Financial Services Authority, Eswatini’s Financial Services Regulatory Authority, National Bank of Ukraine, Central Bank of Tunisia and the United States’ National Futures Association.