Philifintech International Cooperation
GLOBAL FINANCIAL INNOVATION NETWORK
On 11 February 2021, the SEC joined the Global Financial Innovation Network (GFIN) in line with its commitment to supporting the development of the Philippine capital market and overall financial sector.
Formally launched in 2019, the GFIN is a network of more than 60 organizations committed to supporting financial innovation in the interest of consumers.
Through the GFIN, the SEC will widen its avenues for collaborative knowledge-sharing with other jurisdictions in areas including financial integrity, consumer well-being and protection, financial inclusion, competition, and financial stability through innovation in financial services.
In coordination with the GFIN, the SEC will also be able to perform pilot testing of new technologies to assess how a product or service might operate in a live market setting in multiple jurisdictions.
In the current operational milieu where technology plays a major part in regulation and supervision of the capital market, the SEC will be able to keep abreast of innovations world-wide through its participation in the GFIN and utilize them in the development of efficient regulation and forward-looking policies.
For more information please read the Press Release dated 23 February 2021 on the GFIN membership of the SEC:; https://www.sec.gov.ph/pr-2021/global-financial-innovation-network-welcomes-sec-philippines-as-member-2/