Food delivery service platform foodpanda said it supports government policies and regulations that further promote industry growth and development.
The app provider said a dynamic approach and active participation from stakeholders not only allow sectoral changes, but will also open better opportunities for players, according to foodpanda Philippines Finance Chief Lhecks De Castro.
De Casto said the company is supportive of initiatives to craft laws and policies toward regulation of the tech industry.
He said, however, that there is a need to “equalize” consumer protection with innovation while promoting the interest of tech platforms.
“Regulators should be more open to new approaches when it comes to regulating the tech industry to promote and welcome tech innovations fully. We can achieve this through innovative ideas and constant collaboration from all key players,” De Castro said during the recent Law x Tech & Capital Summit 2022.
He cited the Bangko Sentral ng Pilipinas (BSP) for its initiative that encourages this practice.
“The implementation of the sandbox regulatory approach is a testament to BSP’s thrust to work with stakeholders in crafting the appropriate regulatory measures.”
The sandbox approach is a standard framework for financial institutions to offer services and products under a controlled and time-bound testing environment.
To ensure constant innovation and development in their products and services, De Castro said holds continuous dialogues with regulators to make the necessary tweaks and changes.
He added that the company always listens to the feedback of customers and other stakeholders, including their delivery partners and partner vendors.
During the summit, foodpanda declared its support of the government’s push for inclusivity by ensuring that through their platform, they add value to the changing needs of their stakeholders.
“For example, with our technology, we provide more ways to ensure more businesses, especially micro, small and medium enterprises (MSMEs), will survive and thrive amid the new normal. An example is the vendor financing program wherein we look for lending and financing institutions and bridge them to our partner restaurants and merchants,” De Castro said.
This year’s summit delved on the interplaying roles of innovation, investment, and law in reshaping and redefining the tech and financial sector. Organized by law firms Gorriceta Africa Cauton & Saavedra, it gathered top experts from traditional financial institutions and start-up tech companies.