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Philippines: Key legal information and potential business challenges of the Philippines’ financial technology sector

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Key legal information and potential business challenges of the Philippines’ financial technology sector including data privacy and cybersecurity considerations

In brief

The Philippine fintech market has been rapidly expanding the past couple of years. Previously, only select players participated in the fintech market. Cash or credit cards were the main modes of payment among the consumers, despite the existence of applications. While the pandemic may have brought about certain difficulties that were not experienced in the past century, it has also compelled society to invest in technological advancements in the form of fintech applications and services. The expansion from traditional services to other forms of money business operations, in the form of digital wallet services, domestic and cross-border payments, and virtual asset service operations, has served the public well.

The Primer on Fintech in the Philippines provides the relevant legal and regulatory information including issues and considerations related to the financial technology sector in the Philippines, including data privacy and cybersecurity considerations, anti-money laundering compliance and issues, and the business challenges that the sector may face.

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Gil Roberto Zerrudo is a partner in the Employment & Compensation Practice Group of Quisumbing Torres, where he is a member of its Management Committee, and co-head of the Technology, Media & Telecommunications Industry Group. Gil also participates in initiatives of Baker & McKenzie International of which Quisumbing Torres is a member firm. He currently chairs the Baker McKenzie's Nominating Committee, while also serving in the Global Policy Committee, Inclusion, Diversity & Equity Committee, and Asia Pacific Regional Council.
In his more than 25 years of law practice, Gil is consistently cited as a Legal 500 and Chambers Asia Pacific Leading Individual for Employment. Gil’s strategic focus on Employment practice propelled his and the team's consistent top-tier ranking in The Legal 500 since 2006 to the present and the Chambers Asia Pacific since 2009 to the present.

Author

Kenneth Chua is a partner and the head of Quisumbing Torres' Employment Practice Group. He is also a member of the Financial Institutions and Technology, Media & Telecommunications Industry Groups. He participates in initiatives of Baker & McKenzie International of which Quisumbing Torres is a member firm. He is a member of Baker McKenzie’s Asia Pacific Employment & Compensation Steering Committee. He has 23 years of experience advising clients on various labor and employment issues, including compensation and benefits, employment contract and employee handbook. Kenneth serves as the legal counsel (representing Quisumbing Torres) for the Global In-House Center Council Philippines (GICC). He sits in the Tripartite Executive Committee and the National Tripartite Industrial Peace Council of the Department of Labor and Employment as representative of the employer sector. He is consistently recognized as a Leading Lawyer in Employment by the Chambers Asia Pacific, Benchmark Litigation and asialaw profiles. He is ranked Hall of Fame in Employment by the Legal 500 Asia Pacific. He is also among Asia Business Law Journal’s inaugural “A-List” of the Top 100 lawyers in the Philippines.

Author

Eliseo Zuñiga, Jr. is the head of Quisumbing Torres' Dispute Resolution Practice Group and a member of the Employment Practice Group. He is also a member of the Industrial, Manufacturing & Telecommunications and the Healthcare & Life Sciences Industry Groups. He has over 20 years of experience advising clients on general employment issues, employee termination, executive compensation, benefits transfers and terminations, and general litigation. He actively participates as a speaker and presenter in various regional and local seminars and conferences on labor and employment-related issues. He served as a Chairperson of the People Management Association of the Philippines’ Labor Policy Reforms and Industrial Relations Committee and is currently the Co-Chairperson of the European Chamber of Commerce Human Capital Committee. He has been consistently cited as a Leading Individual for Employment by The Legal 500 Asia Pacific (2019-2023), Band 3 for Labor and Employment by the Chambers Asia Pacific (2018-2023), Litigation Star for Labor and Employment by Benchmark Litigation (2019 to 2023) and Notable Practitioner for Labor and Employment by asialaw Leading Lawyers (2020 to 2022). Eliseo is also recognized as a thought leader in the 2021 Q3 Lexology Legal Influencers for the Future of legal services - Asia-Pacific.

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