The Securities and Exchange Commission (SEC) said Thursday 12 more applications are pending under its financial technology sandbox program.
The sandbox, referred to by SEC officials as the “stratbox,” allows selected fintech innovations to operate in a controlled environment before a full public launch.
“We have 12 more applicants,” outgoing SEC chairman Emilio Aquino said in a recent interview.
Aquino said all of the pending applicants are engaged in financial technology space that plan to offer innovation and solutions to Filipinos.
“We are looking for FinTech initiatives that we would want our people to use. We are also looking at impact as well. They should also be able to leverage on the technology,” Aquino said.
The SEC said each applicant must pass through a detailed review before getting approval.
The SEC plans to create a new department focused on alternative assets, including crypto to support growth in this space.
The new department will cover crypto assets, intermediaries, exchanges, and products.
The SEC on Monday approved the applications of Macodimarc Technology Corporation (Pluang PH) and G-Xchange, Inc. (GCash) to participate in its sandbox program.
Under the plan GCash and PluangPH will to offer global stock investments to Filipino investors.
The sandbox of Pluang PH will run for six months, and will involve a controlled group of up to 1,000 qualified buyers and retail users.
GCash’s sandbox will run for a period will be for 24 months, and can admit up to a total of 2 million participants.
GCash and Pluang PH are required to provide the SEC with regular updates, detailing the progress of their operations, testing outcomes, and issues encountered.
The sandbox could result in three outcomes: successful completion, early termination by the SEC, or voluntary withdrawal by the participant. If successful, the SEC may approve the product for offering to the general public.
