Stronger regulation of fintech firms sought

By Anna Leah E. Gonzales

Nov 17, 2021 12:29 am

REGULATORS have been told to tighten their watch over financial technology (fintech) firms as businesses and consumers increasingly go digital.

In a statement on Tuesday, the Finance department said the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) had been instructed by Finance Secretary Carlos Dominguez 3rd to determine what new fintech business models were being adopted to determine how these should be regulated and taxed.

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