FinTech Alliance.PH Backs Transfer of OLP Oversight to Central Bank - BusinessWorld Online

Fintech firms back shifting online lending oversight to BSP

Financial technology (fintech) firms back proposals to transfer the oversight of online lending firms to BSP.

FinTech Alliance.PH backs transfer of OLP oversight to central bank - BusinessWorld Online

FINTECH Alliance.PH is backing the proposed transfer of oversight of online lending platforms (OLP) to the Bangko Sentral ng Pilipinas (BSP) from the Securities and Exchange Commission (SEC), saying this will allow for better regulation of the industry. “In other markets, the regulatory body is centralized. You can limit the potential regulatory arbitrage and compliance. Definitely, it would be more seamless. It will also be more advantageous to…

Philippines may soon have one single watchdog for all things finance

The Philippines’ largest fintech industry group is backing the proposal by the Securities and Exchange Commission (SEC) to transfer regulatory oversight of lending and financing companies to the Bangko Sentral ng Pilipinas (BSP).Lito Villanueva, FinTech Alliance PH founding chairman, said the group supports the realignment to create a more unified regulatory landscape. “We support that. It was only the SEC informing the BSP regarding this partic…