Close this search box.

We are creating some awesome events for you. Kindly bear with us.

BSP enhances Fintech security regulations

According to a recent report, the Bangko Sentral ng Pilipinas (BSP) has shifted to a higher gear in dealing with cybersecurity threats and risks to financial technology (Fintech) while increasing the digitalisation of banking services.

As the economy grows, the central bank and the banking industry are turning more to digital transformation in the financial services for real-time and on-demand financial services.

This is in order to expand customer-base, but along more technologically advanced market comes higher risks and threats.

When funds are being channelled more efficiently, expediently and expansively, limitless opportunities that can drive business and industry growth as well as expand financial inclusion are within reach.

Before everyone gets too optimistic, however, there are potential risks arising from Fintech that the country needs to be careful of.

Given that these are not yet fully tested or mainstreamed technologies, there may be unforeseen hazards that transform or accentuate traditional financial risks.

These financial risks include credit, liquidity, market, operational and settlement risks. The added complexity can also mean greater vulnerabilities to cybersecurity threats and systemic risks.

There has been a significant growth in Fintech. According to the FinTech Global data from 2014 to mid-2018, the investments have reached US$ 41.7 billion.

The central bank is not curtailing the growth of the sector but they are mindful of the “trade-offs.”

The Bank continuously supports the development of an enabling regulatory environment conducive to digitalisation while managing associated risks.

As of current, there are no Fintech-focused regulations from the central bank that are in place. But, the Bank addresses potential risks by implementing risk-based, proportionate and “fair” regulations.

It also has an active multi-stakeholder collaboration and policies ensuring consumer protection.

Moreover, there have been key policy changes. These are new rules for money service business and regulation of virtual currency exchanges.

Since the bank is experiencing remarkable success in its digital transformation initiatives, it continues to remain steadfast in undertaking major organisational reforms and projects for a more proactive supervisory and regulatory stance.

The Bangko Sentral ng Pilipinas is recognised as a pioneer in digital and technology-related policies. Its virtual currency policy and IT security rules are a first in the region.

The most recent is its adoption of regulatory technology (RegTech) and supervisory technology (SupTech)

The Bank defines RegTech and SupTech as the “next generation of digital supervision tools and techniques to improve the speed, quality, and comprehensiveness of information supporting targeted and risk-based decision-making by regulators.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit