Call for focus on connectivity and security


The newly-formed Department of Information and Communications Technology in Manila is under pressure from local fintech heads.

Entrepreneurs and investors in the alternative finance space in the Philippines are pushing for standard security metrics, connectivity and infrastructure issues to be examined and reformed by the Department of Information and Communications Technology (DICT).

The DICT is yet to open its office, but fintech heads are determined that security concerns are ride and require immediate attention in the South-East Asian nation.

Amongst those calling for a reform into the security of non-traditional finance is DragonPay head, Dick Chang.

“The DICT would be the appropriate agency that will push for the solution to the interconnection problem that has been around for ages,” he said.

“Infrastructure and basic internet connectivity still remain as major issues we face today.”

Unionbank vice president Genaro Lapez said that the online ecosystem in sectors of fintech such as e-commerce was fast changing, meaning that regulators needed to quickly examine ways to improve connectivity and continue to bolster security practices.

“Today, e-commerce does not only refer to the act of buying and selling online marketplaces, hence, there’s really a need to advocate a more democratized ecosystem for online payment gateways to enable communities to start using technology and e-commerce as a lever for sustained progress,” he said.

Unionbank chief information officer Charmaine Valmonte agreed that a new standardised body for control for the Philippines, centred in Manila, would allow an equal playing field for fintechs in both security and opportunity.

“With this new government body, we look forward to how it will standardise the playing field from an infrastructure and regulatory standpoint,” she said.

“We should…make sure we are setting up an environment that is secure for e-commerce.”