Manila, Philippines, 3 November 2022 - Quisumbing Torres recently launched its guide on understanding the legal and regulatory framework of financial technology in the Philippines.
The Philippine fintech market has been rapidly expanding the past couple of years. Previously, only select players participated in the fintech market. Cash or credit cards were the main modes of payment among the consumers, despite the existence of applications. While the pandemic may have brought about certain difficulties that were not experienced in the past century, it has also compelled society to invest in technological advancements in the form of fintech applications and services. The expansion from traditional services to other forms of money business operations, in the form of digital wallet services, domestic and cross-border payments, and virtual asset service operations, has served the public well.
The Primer on Fintech in the Philippines provides relevant legal and regulatory information, including issues and considerations related to the financial technology sector in the Philippines, as well as data privacy and cybersecurity considerations, anti-money laundering compliance and issues, and business challenges that the sector may face.
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