The Bangko Sentral ng Pilipinas (BSP) has cued the rollout of a software solution at selected BSP-supervised entities as part of efforts to further enhance banking and financial industry resilience against cybersecurity attacks.
Dubbed “Advanced SupTech Engine for Risk-Based Compliance or ASTERisC*,” the system is a unified regulatory and supervisory technology (RegTech and SupTech) solution that streamlines and automates regulatory supervision, reporting and compliance assessment of banks’ cybersecurity risk management.
“The BSP continuously engages [industry players], relevant government agencies, and industry associations for a cohesive and industry-wide approach to addressing emerging threats and risks, as well as enhancing cyber incident response, threat intelligence, and overall situational awareness in the country,” the central bank said in a statement.
Also, the BSP intends to issue a Financial Services Cyber Resilience Plan that will serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry.
The deployment of ASTERisC* and the issuance of the plan dovetail with the BSP’s drive for the upskilling of bank supervisors with emergent technologies to nurture a next-generation pool of talent needed for the digitalization of the industry.
These technologies include machine learning which helps in the automation of business processes as well as blockchain, the technology behind cryptocurrency, but especially supervisory and regulatory technologies.
Earlier this year, then BSP Governor Benjamin Diokno said the BSP-led inter-agency Financial Sector Forum (FSF) was committed to building an industry talent pool that is knowledgeable and competent in RegTech and SupTech matters.
Along with the BSP, the FSF comprises the Philippine Deposit Insurance Corp., Securities and Exchange Commission and Insurance Commission.
In a related development, Singapore-based regulatory technology firm Tookitaki Holding Pte. Lted. announced in August that it is debuting in the Philippines through a partnership with PayMongo, to help the digital payments company fight financial crimes.