The Securities and Exchange Commission (SEC) has created a new division which aims to regulate the country’s emerging financial technology sector.
The SEC has launched the PhiliFintech Innovation Office, which will be under its Corporate Governance and Finance Department. The new office will focus on the regulation of the use of fintech in the Philippines.
“Integral to our mission of championing the business sector, the capital market and the investing public, is fostering innovation,” SEC Chairman Emilio B. Aquino said.
“The commission has supported new and emerging business concepts while taking a proactive stance against any excessive risk buildup to ensure market integrity. The PhiliFintech Innovation Office will be at the forefront of building an enabling regulatory environment for fintech, in particular.”
Regulating innovative trading markets and technology-based ventures is part of the mandate of the SEC, as provided under the Securities Regulation Code.
The SEC previously supervised the registration and granting of licenses for non-traditional securities and instruments through its Non-Traditional Department, which was later abolished following the creation of the Insurance Commission in 2010.