PH Fintechs Address ASEAN Tech Summit: Regulatory Balance Vital to Preserving Financial Access

The country's leading fintech executives urged policymakers to adopt balanced, future-ready regulations that protect consumers while enabling innovation, expanding financial inclusion, and supporting the continued growth of the digital economy.

At a panel during the ASEAN Tech Summit, Barbie Dapul, General Manager for Consumer Business and Chief Operations Officer of G-Xchange (the mobile wallet operator of GCash); Maya Bank President Angelo Madrid; Alliance of Tech Innovators for Nation Lead Convenor Monchito Ibrahim; and Tala Director for External Affairs Arianne Ferrer talked about how regulations play a role in advancing the digital economy. 

"The goal should be a level playing field that will let the financial institutions compete on value, compete on innovation, on better security, and while ensuring also that pricing is fair and reasonable," Dapul explained.

Madrid and Ferrer underscored the need for regulation that supports both consumers and the fintech industry, ensuring protection without stifling innovation.

"Regulation has two jobs. The first is protection: putting in place the safety protocols to make digital transactions safe. The other is enabling the investments the country needs to accelerate its digital economy," Madrid said.

"We need consumer-centric co-regulation that balances financial inclusion goals—greater access, choice, and control to unleash the economic power of the global majority—and a pathway to profitability and sustainability for local and foreign investors," Ferrer added.

Ibrahim, meanwhile, stressed the need for regulations to keep pace with rapid technological advancements. "Technology is moving so fast that our regulatory policy is reactive. We need to re-engineer the process to match our technological revolutions," he said.

Balancing affordability and sustainability

Dapul noted that GCash shares the Bangko Sentral ng Pilipinas's (BSP) vision of expanding financial inclusion and supports the implementation of BSP Circular No. 1238, which encourages financial institutions to reduce fund transfer fees, including offering zero-fee transfers where viable, to accelerate digital payments adoption.

In line with the circular, GCash lowered its transfer fee to P10. Dapul explained that while lower fees make digital services more accessible, maintaining reasonable charges enables fintech companies to continue investing in technology, platform resilience, cybersecurity, and customer protection.

"I think the circular also recognizes that there are costs involved in delivering quality services," she said. "The circular says that pricing needs to be fair. It needs to be reasonable. It didn't necessarily say that it had to be zero."

"Progressive regulation should strike a balance between affordability and sustainability,” she stressed.

Moving fintech sector forward

Dapul added that fintech companies and traditional banks operate under fundamentally different business models. While banks generate revenue from lending and deposit products, fintech firms rely primarily on payment services to fund continuous investments in innovation and digital infrastructure.

"It's really digital payments that enable us to make the investments needed to sustain innovation, build the infrastructure, and continue providing quality services to our customers," she said.

Dapul stressed that sustaining these investments ultimately benefits consumers by allowing fintech companies to continually enhance security, strengthen fraud prevention measures, and deliver more innovative and reliable financial services.

Promoting financial inclusion

E-wallets, Dapul said, help accelerate digital adoption by lowering barriers to financial access, particularly for underserved and unbanked Filipinos.

She explained that GCash continues to make financial services more accessible by simplifying account opening requirements and rolling out initiatives such as National ID registration and electronic know-your-customer (e-KYC) verification, making it easier for more Filipinos to securely onboard and participate in the digital economy.

“We want them to have ease and access to their mobile phones,” she quipped. 

The ASEAN Tech Summit is a two-day event that brought together thousands of industry leaders, policymakers, regulators, and innovators to discuss cross-border digital trade, interoperable payments, artificial intelligence, cybersecurity, data governance, and other key issues shaping ASEAN's digital economy.

Prior to this event, GCash was an official partner of the 48th ASEAN Summit, enabling seamless cashless payments for delegates and participants in Lapu-Lapu City, Cebu—demonstrating how regional collaboration can help build a more connected digital economy.

For more information, please visit www.gcash.com.