Introduction to the Philifintech Innovation Office
SEC and the Fintech Industry
The Commission keeps itself adept with the ever-changing developments in the Fintech landscape to determine how it intersects with the jurisdiction of the SEC. In 2019, the Commission issued rules and regulations on Crowdfunding in recognition of recent financial innovation of raising funds for a venture or business using internet platforms. There were also efforts to draft the Initial Coin Offering or Digital Assets Offering and Digital Assets Exchange Rules. These Rules are currently being reviewed and revised based on the comments received from several Fintech proponents and the public.
With the Philippines ranking 44th out of 158 in the Readiness for Frontier Technologies Index (placing it in the upper middle rank) in the 2021 Technology and Innovation Report of the UN Conference on Trade and Development (UNCTAD) and placing second in Information and Communications Technology (ICT) deployment, skills, research and development, industry activity and access to finance among a host of countries, the country is primed for fintech innovation.
With this, the Commission launches the Philifintech Innovation Office (PIO).