Manila, 5 April 2021 - With digital innovation driving an unprecedented shift in financial services, financial institutions and fintech innovators need to develop and adopt products and services such as electronic money, remittance and transfer services, finance and lending, payment systems, crowdfunding, cryptocurrencies, digital banking and peer-to-peer lending. Business operators are now, more than ever, concerned about data protection, regulatory compliance, tax structuring, capital raising, consumer protection, commercial contracts, M&A, competition law and employment matters.

To provide the latest legal information in the fintech space, Quisumbing Torres' Financial Institution (FI) and Technology, Media & Telecommunications (TMT) industry groups collaborated to provide the Philippine chapter for Chambers and Partners' Fintech Global Guide 2021.

According to TMT industry group co-head and partner Gil Zerrudo, "While digital transformation was certainly reshaping business processes and operations prior to the pandemic, COVID-19 intensified its urgency. Today, every business will need to make technology an integral part of its business strategy in order to survive and thrive."

Divina Ilas-Panganiban, CIPM, who co-heads the TMT group, further emphasized, "COVID-19 is a catalyst of unprecedented shifts to our economies and, in consequence, to the business models of financial institutions and the way they do business."

"As business operators quickly transition from physical to digital, the fintech industry is propelled to rise to the challenge of providing powerful digitization initiatives," highlighted Dennis Quintero, partner and head of the firm's FI industry group. "Competitive fintech ventures are revolutionizing the market faster than regulatory bodies can draft regulations governing such innovative products and services," he added.

The guide covers the latest legal information on regulatory sandboxes, online lenders, payment processors, marketplaces, exchanges and trading platforms, high-frequency and algorithmic trading, financial research platforms, insurtech, regtech, blockchain and open banking.

Along with Dennis and Divina, the Philippine chapter is also co-authored by associates Neonette Pascual, CIPP/E, CIPM, CIPT (Intellectual Property, Data and Technology) and Kristina Navarro (Corporate & Commercial/M&A).

Quisumbing Torres in the Financial Technology (Fintech) Sector

QT understands that market players in the financial services sector need to keep pace with the speed of development and adoption of product innovations and changes in service delivery brought about by digital technologies.

We have been advising financial institutions, global digital leaders, technology incubators and startups — the entire value chain of the financial technology industry — across a broad range of subsectors, including e-payment platforms, cryptocurrency, digital banking and peer-to-peer lending ahead of many other law firms. We are adept in addressing issues in market entry, product innovation and licensing, and we can spot and mitigate regulatory, IP and contracting risks that can dilute the value of your innovation.

QT is recognized Fintech Firm of the Year and Banking and Finance Firm of the Year by the Asian-mena In-House Community Survey in 2020.