Fintech Philippines Association (FPH) prides itself as a staunch advocate for a regulatory framework that places consumers at the heart of financial innovations. FPH’s advocacy signifies a transformative shift toward a more inclusive and consumer-focused financial landscape.
This commitment was on display at the Webinar Series on Open Finance Consumer Advocacy held in October and November 2023. Organized by the FPH Open Finance Committee under the leadership of Brankas, the Webinar Series serves not just as a milestone but as a testament to a concerted effort among various stakeholders to shape a regulatory framework that aligns with the principles of Open Finance.
At the Kickoff Webinar on October 27, 2023, FPH convened thought leaders and experts to discuss the pivotal role of consumer data rights in achieving genuine financial inclusion. Mr. Roopak Haridasan, Director of Solutions and Partnerships at Brankas and a subject matter expert on Australia’s Consumer Data Rights, spoke about how consumers can make their personal data work for them through Open Finance. Mr. Haridasan later joined industry experts Ms. Laurice Lupisan, Director of Partnerships at PayMongo, and Ms. Catherine Urtola, Chief Compliance Officer at UNO Bank, in discussing how financial institutions and fintech companies can ensure that the benefits of Open Finance are accessible to everyone, particularly those in underserved communities. The Kickoff Webinar achieved the aim of initiating a fresh dialogue for a regulatory framework where consumers exercise greater control over their financial data.
Building upon the foundations of the Kickoff Webinar, FPH then collaborated with the National Privacy Commission (NPC) on November 21, 2023 for a webinar on Consumer Data Rights that explored the delicate balance between innovation and privacy. NPC Deputy Commissioner Leandro Angelo Aguirre shared crucial insights into the latest privacy regulatory updates and the evolving direction of consumer data rights in the Philippines. Deputy Commissioner Aguirre later joined industry expert Ms. Aubrey Detablan, Managing Director at V-Key Inc., in discussing best practices and industry-specific considerations in enforcing and protecting consumer data rights. This collaboration with the NPC underscored FPH’s dedication to responsible data management, envisioning a future where consumers benefit from technological advancements without compromising their privacy.
To conclude the Webinar Series, FPH next collaborated with the Bangko Sentral ng Pilipinas (BSP) for a webinar on Financial Consumer Protection held on November 28, 2023. Ms. Rochelle Tomas, Officer-in-Charge of BSP’s Consumer Protection & Market Conduct Office, shared an overview of the BSP’s Financial Consumer Protection Framework and discussed the rights and responsibilities of financial consumers. Ms. Tomas later joined Ms. Urtola of UNO Bank in discussing the importance of consumer education in enhancing digital consumer protection in the financial sector. FPH’s collaboration with BSP marked the culmination of efforts to actively engage industry players and regulators in discussions centered on safeguarding consumers in the Open Finance era, and reinforced the commitment to building a regulatory environment that prioritizes consumer trust and financial well-being.
The entire Webinar Series was moderated by Mr. Aian Guanzon, a seasoned, insightful podcaster and the Business Development Head of Global Dominion Financing, Inc.