THE financial sector regulators signed a Memorandum of Agreement under the auspices of the Financial Sector Forum on the establishment of a Cooperative Oversight Framework on financial technology innovation.
Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno was quoted in a statement as saying “the institutionalization of the Cooperative Oversight Framework on FinTech innovation symbolizes our unity in diversity and reinforces the spirit of shared commitment among financial sector supervisors to espouse an enabling regulatory environment in the digital financial economy.”
The framework shall cover all financial institutions performing multiple regulated activities using a single application platform and wherein such activities fall within the regulatory regime of the member-agencies.
The MOA virtual signing rite was attended by Diokno, Securities and Exchange Commission Chairman Emilio B. Aquino, Insurance Commission Commissioner Dennis B. Funa and Philippine Deposit Insurance Corp. President and CEO Roberto B. Tan.
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