SEC pushes ‘balanced’ rules
The Securities and Exchange Commission (SEC) has called for a regulatory framework that promotes innovation while protecting consumers, saying both are crucial to expanding financial access, particularly for underserved sectors and small businesses.
SEC Commissioner Rogelio Quevedo said financial inclusion goes beyond simply increasing the number of market players.
Instead, he said regulators must create an environment that allows legitimate institutions to innovate and invest while ensuring consumers are treated fairly and adequately protected.
“Financial inclusion cannot be achieved simply by increasing the number of market participants,” Quevedo said. “It requires a regulatory environment that allows legitimate institutions to innovate and invest while ensuring that consumers are protected and treated fairly.”
Apec seminar
He talked about this during the Asia Pacific Economic Cooperation (Apec) Seminar on Financial Access and Opportunity for All in Chengdu, China, last June 10.
As a panelist during discussions on the drivers of financial access, Quevedo highlighted the role of financial infrastructure in widening access to formal financial services in the Philippines.
He cited efforts to strengthen the Credit Information Corp., digital onboarding processes, electronic know-your-customer systems, digital payment ecosystems and online lending platforms.
According to Quevedo, these developments help reduce transaction costs and improve access to financial services, especially for underserved individuals and micro, small and medium enterprises.
