Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno emphasized that Supervisory and Regulatory Technology (SupTech/RegTech) has disrupted the conduct of financial supervision for the better and sped up the shift from traditional processes to seamless and digital transactions.
“Because of these technologies, we have unlocked new means of delivering our mandates. Our efforts to digitize reportorial requirements, develop digital platforms, and employ various artificial intelligence integration projects, prove that even regulators could benefit from digitalization,” the Governor said during the 1st SupTech/RegTech Virtual Summit held recently.
SupTech and RegTech are distinct subsectors of the fast-growing fintech space that seek to improve how regulators carry out their supervisory and monitoring functions, while enabling regulated institutions to comply with regulatory requirements.
The BSP is actively exploring SupTech/RegTech solutions that will automate regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.
Organized by the Financial Sector Forum (FSF) composed of the BSP, Insurance Commission, Philippine Deposit Insurance Corporation and Securities and Exchange Commission, the summit espouses a collaborative approach in promoting SupTech/RegTech principles, knowledge, and capabilities. A series of trainings and seminars will follow starting 2022.
Aside from discussing the SupTech/RegTech plans of FSF members, the forum disclosed ongoing projects like the development of a common data taxonomy and dictionary and the enhancement of the electronic information system in anticipation of increased information-sharing among FSF members.
“We hope to build a common understanding of principles, and capabilities to further improve our respective operations and the quality of our service. This is an essential step towards our goal of realizing a more digital, tech-enabled economy,” explained the Governor.
Source: Bangko Sentral ng Pilipinas (BSP)