The House Communications Committee approved a bill to regulate & develop the use of financial technology (Fintech) in non-banking financial activities (NBFS).
Who is affected🤷♀️: The law aims to expand the base of beneficiaries of NBFS, raise their efficiency, & reduce the related costs from those activities & services.
Why is this important🤔: The law aims to promote financial inclusion by granting the FRA the power to license & regulate NBFS businesses & fintech startups. The FRA’s supervision over the fintech space ensures that companies adhere to transparency & governance standards, as well as protecting consumer rights.
