The Financial Sector Forum (FSF), on behalf of its member supervising authorities (SAs) composed of the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Insurance Commission, and Philippine Deposit Insurance Corporation, is issuing the following guidelines to provide guidance in establishing standards for all financial institutions that engage in FinTech (Covered FIs) under the regulatory authority of the member SAs.
* The FSF – Customer Identification and Verification Guidelines are intended to provide both the financial regulators and FinTech players with the basic principles and requirements on electronic customer due diligence (CDD) measures in relation to FinTech. FinTech players, on the other hand, shall develop and strengthen their own CDD systems and processes to be able to securely establish and record the true identity of their clients.
* The FSF – Consumer Protection Guidelines aim to provide effective consumer protection measures and mitigate consumer protection-related risks associated with the increasingly digital environment for financial products and services, thereby strengthening consumer trust and confidence in the FinTech industry.
The two guidelines will be utilized as a handbook by the member SAs. Each agency may opt to expound on the general principles presented therein with the issuance of new and/or supplementary regulations.