Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer at Rizal Commercial Banking Corporation (RCBC) and founding chairman of the FinTech Alliance, delivered a keynote address at the Securities and Exchange Commission’s strategic planning session in Tagaytay City, emphasizing the pivotal role of artificial intelligence in protecting consumers against cyberthreats.
The SEC is among the first government agencies to embrace AI and other new technologies to streamline its requirements and procedures, as well as to improve its monitoring and enforcement efforts. During the event, SEC Chairperson and CEO Emilio B. Aquino highlighted the importance of adopting Electronic, Sustainable, and Quality (ESQ)-driven strategies toward achieving SuperVision 2028.
“By responsibly integrating AI and proactively leveraging digital technologies and data, the SEC can enhance its efficiency as a regulator, thereby fostering a safe, healthy, and competitive capital market for Filipino businesses and investors,” Aquino said.
Invited to speak on “Insights on the Future of Fintech Innovations”, Villanueva provided an overview of the Philippines’ achievements in sustainable inclusion and presented a forward-looking analysis of the industry’s trajectory amidst global advancements in AI. He highlighted RCBC’s commitment to promoting financial inclusion on a global scale, enhancing cyber resilience, and embracing cutting-edge digital solutions.
Group photo from Left to Right: SEC Commissioner Rogelio V. Quevedo; Commissioner Mcjill Bryant T. Fernandez; RCBC Executive Vice President and Chief Innovations and Inclusion Officer and Fintech Alliance Founding Chairman Lito Villanueva; SEC Chairperson and CEO Emilio B. Aquino; Commissioner Javey Paul D. Francisco; and Commissioner Karlo S. Bello.
Villanueva shed light on the increasing adoption of AI among Filipinos and discussed the economic opportunities stemming from AI-driven technologies. He emphasized AI’s potential to address the nation’s foremost digital concern – cybersecurity. Furthermore, he commended the crucial roles played by the Bangko Sentral ng Pilipinas’s Open Finance Framework, the Regulatory Sandbox Framework, and the SEC’s Philifintech Innovation Office in positioning the Philippines as a digital frontrunner in the region.
“The rapid evolution of Generative AI in the near future will empower fintechs to deliver immersive, engaging, and interactive customer experiences that are both enjoyable and informative. This advancement will enable emerging fintech startups to enhance their competitiveness and innovation, keeping pace with industry leaders,” Villanueva stated.
He continued, “AI possesses the potential to unveil capabilities we have yet to explore. Machine Learning aids banks and fintechs in real-time fraud detection… Security stands as a cornerstone of a customer-centric banking experience. By embracing AI, fintechs safeguard their most valuable assets – their customers.”
In addition to his role at RCBC, Villanueva serves as the Co-Founder of the Asia Fintech Alliance and the Founding Chairman of Fintech Alliance.PH, the Philippines’ premier fintech organization. Under his leadership, the organization spearheaded the #WagMagpalokoMagingScamAlerto initiative, a collaborative effort with government agencies, civil society, media, and private sector members to raise awareness and combat cybersecurity threats through consumer education and digital literacy. The initiative was recognized with the Cybersecurity Innovation award at the Asian Banking and Finance Fintech Awards 2024. Villanueva was also honored as the ‘Digital Leader of the Year’ at the Philsec Awards 2023 for his contributions to the campaign.
