Manila, 30 March 2022 - Fintech is rapidly expanding in the Philippines, driven by the country's booming digitalization, a favorable regulatory environment, and the government's ongoing efforts to improve financial inclusion.
Significant trends, according to a recent report,1 include rising acceptance of cryptocurrencies and a thriving digital asset industry, booming usage of digital payments as a result of government modernization initiatives, and the emergence of the country's first branchless, virtual banks.
By 2023, the Bangko Sentral ng Pilipinas (BSP) or the Philippine Central Bank envisions that 50% of total retail transaction volume will be digital and 70% of Filipino adults will be financially included.
To learn more about the latest legal developments in the country's fintech space, access the Philippine chapter of Chambers and Partners Fintech Guide, authored by Quisumbing Torres Partners Dennis Quintero and Divina Ilas-Panganiban and Associates Neonette Pascual and Kristina Navarro.
The guide provides the latest regulatory information on sandboxes, robo-advisers, online lenders, payment processors, marketplaces, exchanges and trading platforms, high-frequency and algorithmic trading, financial research platforms, insurtech, regtech, blockchain, non-fungible tokens (NFTs) and open banking.
Quisumbing Torres provides the full range of legal services for financial institutions (FI) and fintech innovators
The firm's cross-practice teams in the FI and Technology, Media & Telecommunications Industry Groups provide strategic advice on fintech matters, including data protection, regulatory compliance, tax structuring, capital raising, consumer protection, commercial contracts, M&A, competition law and employment matters.
We have been advising financial institutions, global digital leaders, technology incubators and start-ups — the entire value chain of the fintech 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.
1 Philippines Fintech Report 2022 (fintechnews.ph); accessed 28 March 2022