The Securities and Exchange Commission said Friday it launched a new office to promote and regulate the use of financial technology in the country.
The new office called PhiliFintech Innovation Office is mandated 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.
It will create better-informed policies for new and existing fintech innovators and capacitate the SEC with expertise to effectively regulate fintech activities and promote an innovative culture in the corporate sector.
“Integral to our mission of championing the business sector, the capital market and the investing public, is fostering innovation,” SEC chairman Emilio Aquino said.
“Accordingly, the commission has supported new and emerging business concepts while taking a proactive stance against any excessive risk buildup to ensure market integrity,” Aquino said.