FinTech Regulations Quiz

The Bangko Sentral ng Pilipinas (BSP) has direct regulatory authority over all FinTech companies operating in the Philippines, including those that do not offer financial services.

• True

• False

Under the Anti-Money Laundering Act (AMLA), FinTech firms facilitating digital payments are required to report suspicious transactions exceeding ₱500,000.

• True

• False

The Philippine Data Privacy Act of 2012 (RA 10173) requires FinTech firms to obtain explicit consent from users before collecting personal financial data.

• True

• False

In the Philippines, a FinTech company providing digital lending services must secure a license from both the Securities and Exchange Commission (SEC) and the BSP.

• True

• False

Regulatory sandboxes allow Philippine FinTech startups to test their innovations without any regulatory oversight.

• True

• False

The Digital Payments Transformation Roadmap 2020-2023 of the BSP aims to achieve 70% financial inclusion by shifting to a fully cashless economy.

• True

• False

Under Philippine laws, consumers have the right to request a detailed explanation of an algorithmic decision made by an AI-driven FinTech platform.

• True

• False

The General Data Protection Regulation (GDPR) does not apply to FinTech firms in the Philippines since it is a European regulation.

• True

• False

The BSP's Regulatory Sandbox Framework allows financial institutions to test new FinTech products for up to 12 months before requiring full compliance with regulations.

• True

• False

One of the major ethical concerns in FinTech is algorithmic bias, which can lead to unfair lending decisions against certain customer groups.

• True

• False