Stronger cybersecurity urged to boost FinTech resilience in the Philippines

The British Chamber of Commerce Philippines continued its advocacy for a more cyber-resilient financial technology landscape as it gathered experts from government and industry for its latest Trade and Connect forum titled “Revolutionizing Finance Towards a Cyber-Resilient FinTech Industry.” The event was held with NCC Group as a minor sponsor, Flat Planet Workspace as a venue partner, P&A Grant Thornton as a supporting partner, and DAILY TRIBUNE as a media partner.

Speakers stressed the need for stronger cybersecurity programs to address workforce challenges, narrow the skills gap, and strengthen collaboration between the public and private sectors.

Bangko Sentral Ng Pilipinas representative Kristine D. Orlina highlighted the rapid improvement in financial inclusion, noting that bank account ownership rose from 12 percent in 2019 to 23 percent in 2021. She said the country’s financial health must keep pace with this momentum, with the current Financial Health Index standing at 58 out of 100.

NCC Group Director of Shared Services Joselito Tabug presented strategies that the Philippines can adopt, from maximizing AI-powered services to improving intelligence sharing. He said, “One of the things we should focus on is developing strong, consistent standards for incident response and protocols. By embracing innovation, collaboration, and proactive planning, we can build a secure and resilient digital financial system.”

FinTech Alliance.PH Chairman Lito Villanueva also emphasized the Philippines’ potential as a hub for global cybersecurity providers. He cited the strong presence of UK-based firms such as NCC Group and CyberQ Group and said, “It is really more about having to help the country move forward and to make the Philippines a special hub in the ASEAN region, especially in preparation [for the Philippines] being the host of the ASEAN summit next year.”

British Chamber Executive Vice Chair Chris Nelson reaffirmed the Chamber’s support for key legislation, saying, “The Chamber has been an active supporter of the Cybersecurity Act and other pending bills to advance the country’s digital transformation, and we are glad to know that the administration considers this as a priority legislation. This will signal to investors that the Philippines is digitally secure and empowered for foreign investors.”

The forum emphasized on the growing demand for secure digital financial systems as the country’s FinTech sector continues to expand, setting the stage for stronger policies, wider adoption of innovative technologies, and deeper cooperation across stakeholders.