MANILA, Philippines — The country’s financial regulators, led by the Bangko Sentral ng Pilipinas (BSP), have agreed to come up with a unified monitoring and supervision scheme for the local financial technology industry without stifling these firms’ new and creative ideas.
In a statement, the central bank saida memorandum of agreement was recently signed under the auspices of the multi-agency Financial Sector Forum on the establishment of a cooperative oversight framework on fintech innovation.
The framework aims to facilitate seamless regulation and supervision of fintech companies across the financial sector leveraging consultative and collaborative platforms under the agreement….
Keep on reading: PH financial regulators eye unified supervision framework for local fintechs