FinTech Community Urged To Come Clean

The financial technology (FinTech) community has been urged to work with the government in inspiring confidence in the digital markets during the Fintech Alliance 2023 Ambassador’s Gala with the theme, “Creating What’s Next in Digital: Dare-Drive-Defy,” from August 7 to 8, 2023 at the Shangri-La The Fort in Taguig.

Photo Insert: The word of caution stemmed from the reports of irregularities in the digital space arising from fraudulent transactions as well as the delivery of goods that did not conform to what was viewed in the seller's web domain.

“We must remember that in order for a digital economy to flourish, consumers need to have trust in the integrity and fairness of digital markets. By working with government and regulatory agencies in combating scams, fraud, and cybercrime, we give our consumers the confidence to engage and transact in the digital space,” Finance Secretary Diokno said in a recorded keynote message.

The word of caution from Diokno stemmed from the reports of irregularities in the digital space arising from fraudulent transactions as well as the delivery of goods that did not conform to what were viewed in the seller's web domain.

Diokno said that the shift to digitalization is a priority of President Ferdinand Marcos, Jr.’s administration.

The President emphasized in his second State of the Nation Address (SONA) the need to fully embrace digitalization in order to improve the delivery of public services, referring to it as the greatest, most powerful tool in combating graft and corruption.

“The Department of Finance and its attached agencies have made solid progress on this front, undertaking a comprehensive array of programs aimed at enabling digital finance to flourish,” Diokno said.

The Bureau of Internal Revenue (BIR) has upgraded its Digital Transformation (DX) Program to strengthen and modernize the Bureau, as well as enhance its policies, governance, and standards to elevate taxpayer experience.

“In fact, 69 percent of total returns were filed electronically and we expect all large taxpayers to be able to file returns and pay taxes electronically by next year through electronic invoicing,” Diokno said.

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