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The office of the Philippines’ ambassador-at-large to China and a non-governmental regional alliance formed to fight to fight money laundering in Asia signed an agreement in Hong Kong on 9 May 2018 to cooperate in the establishment of standards and related services related to financial technology (FinTech).

Ambassador William J Lima, the Philippines’ special envoy to China, signed the memorandum of cooperation with Mr Anselmo Teng and Ms Claire Lo, co-chairs of the Alliance for Financial Stability with Information Technology (AFS-IT), at the sidelines of the Financial Stability and FinTech Forum 2018 held at the Mandarin Oriental in Hong Kong.

Ambassador Lima said one key application of the agreement was to look for ways for the thousands of overseas Filipino workers to safely send remittances back to the country through the use of information technology, such as smart wallets or digital KYC solutions.

KYC, which stands for “Know Your Customer”, is the business process aimed at verifying the identity of clients and assessing potential risks of illegal intentions for the business relationship. Used in conjunction with regulatory technology (RegTech), KYC also refers to the bank regulations and anti-money laundering regulations governing these activities.

The document was witnessed Ms Maria Almasara Tuabo-Amador, Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), and Atty Claro A. Arellano, Undersecretary for Labor and Employment, for the Philippines, and by Mr Anthony Neoh, Honorary Chairman of AFS-IT for the non-profit group.

The forum, which was attended by regulators, former central bankers and government officials from China, Brunei, Cambodia, Indonesia, Macau, Myanmar, Thailand, and Vietnam, launched the AFS-IT to regulate illicit money flows and control the booming fintech market in Asia by serving as an information exchange platform.

The Philippines was also represented by Bureau of Immigration Deputy Commissioner Aimee Torrefranca Neri, Land Bank Executive Vice President Alan V. Bornas, and Deputy Consul General in Hong Kong Roderico C. Atienza.

Mr Teng is the former head of the Macau Monetary Authority while Ms Lo is the former Deputy Secretary of the Hong Kong government’s Financial Services and Treasury Bureau. Mr Neoh is a former Chairman of the Hong Kong Securities and Futures Commission and Chief Advisor to the China Securities Regulatory Commission.

Ambassador William J Lima, the Philippines’ special envoy to China, signs with Mr Anselmo Teng and Ms Claire Lo, co-chairs of the Alliance for Financial Stability with Information Technology (AFS-IT), a memorandum of cooperation in the establishment of standards and related services related to financial technology at the sidelines of the Financial Stability and FinTech Forum 2018 held on 9 May 2018 at the Mandarin Oriental in Hong Kong. Witnessing the signing were (standing from left) Mr Anthony Neoh, Honorary Chairman of AFS-IT, Ms Maria Almasara Tuabo-Amador, Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), and Atty Claro A. Arellano, Undersecretary for Labor and Employment, for the Philippines.
Ambassador William J Lima, the Philippines’ special envoy to China (center), poses with (seated from left) Ms Claire Lo and Mr Anselmo Teng, co-chairs of the Alliance for Financial Stability with Information Technology (AFS-IT), Ms Maria Almasara Tuabo-Amador, Deputy Governor of the Bangko Sentral ng Pilipinas (BSP), and Ms Elsie Leung, former Hong Kong Secretary of Justice, at the Financial Stability and FinTech Forum 2018 held on 9 May 2018 at the Mandarin Oriental in Hong Kong.
Representatives from the Philippine government and private sectors attending Financial Stability and FinTech Forum 2018 held on 9 May 2018 at the Mandarin Oriental in Hong Kong are led by Ambassador William J Lima, the Philippines’ special envoy to China (7th from left), Atty Claro A. Arellano, Undersecretary for Labor and Employment (5th), and Ms Maria Almasara Tuabo-Amador (6th), Deputy Governor of the Bangko Sentral ng Pilipinas. Also in the photo are Mr Horacio B. Yalung, Assistant to the Special Envoy (3rd from left), and Deputy Consul General in Hong Kong Roderico C. Atienza (4th from left).