REGULATORS must balance innovation and consumer protection to expand financial access, Securities and Exchange Commission (SEC) Commissioner Rogelio Quevedo said at an Asia-Pacific Economic Cooperation (APEC) seminar in China.
Speaking at the Seminar on Financial Access and Opportunity for All on June 10 in Chengdu, Quevedo said regulatory certainty, market openness and strong safeguards were essential to achieving financial inclusion.
“Financial inclusion cannot be achieved simply by increasing the number of market participants. It requires a regulatory environment that allows legitimate institutions to innovate and invest while ensuring that consumers are protected and treated fairly,” he said.
The seminar, organized by China’s Ministry of Finance, Asian Development Bank and the Asian Development Bank Institute, gathered policymakers and financial sector representatives from APEC economies. Its recommendations will be presented to APEC finance ministers and senior officials at the 2026 APEC Finance Ministers’ Process.
During a panel discussion, Quevedo cited improvements in credit information systems, digital onboarding, electronic know-your-customer processes, digital payments and online lending platforms as key drivers of financial inclusion in the Philippines.
He said these developments had lowered transaction costs and expanded access to financial services, particularly for micro, small and medium enterprises (MSMEs) and underserved sectors.
Quevedo noted that financial technology had widened access to services such as digital lending, small-value consumer credit and merchant financing, but stressed the need for adequate safeguards.
He warned that digitalization had also brought risks, including fake lending apps, identity theft, unauthorized loans, abusive collection practices, misuse of personal data and AI-enabled fraud.
Emerging issues such as AI-driven credit scoring, cyber fraud and regulatory gaps in digital finance require stronger policy responses to ensure innovation remains fair, transparent and inclusive, Quevedo pointed out.
Nazylen Joy Mabanglo
