THE Securities and Exchange Commission (SEC) continues to chart the Philippine corporate sector's path toward a digital-first world with innovations that make starting and doing business easier than ever.
Through the leadership of SEC Chairman and Chief Executive Officer (CEO) Emilio Aquino, the commission endeavored to automate 26 key processes and created a harmonized and integrated database through innovations under its digital transformation and technology modernization road map.
These innovations include the recent integration of the incorporation process and submission of certain reportorial requirements, particularly a corporation's official contact details and beneficial ownership information, through the Electronic Simplified Processing of Application for Registration of Company (eSPARC), as well as the automatic enrollment of new corporations in the Electronic Filing and Submission Tool (eFAST).
Earlier in 2023, President Ferdinand Marcos Jr. launched the second wave of the SEC's digital services, namely the Electronic SEC Universal Registration Environment (eSECURE), Electronic SEC Education, Analysis, Research Computing Hub (eSEARCH) SEC API Marketplace, Electronic Registration Application for Market Participants (eRAMP) and the SEC CheckApp 2.0.
As part of the digital transformation and modernization of the commission, Aquino conceptualized and pushed for the creation of the SEC PhiliFintech Innovation Office to support the development of financial technology and other innovative business to promote financial inclusion while ensuring the protection of financial consumers in the Philippines.
Because of the innovations adopted by the SEC under Aquino's leadership, the Philippines' ranking in the World Bank Group's Doing Business Report went up by 29 notches, from the 124th to the 95th spot.
In 2022, Aquino was named CEO of the Year by International Data Corp., and in 2023, he became the first Public Sector Innovator Awardee during the 2023 Mansmith Innovation awards by consultancy firm Mansmith and Fielders Inc. recognizing his outstanding leadership in the path toward digital transformation.
Aquino continues to steer the SEC toward a digital-first world, as he pushes for a zero-touchpoint transaction environment powered by the cloud, artificial intelligence, cybersecurity solutions and other new technologies.
"Innovation has been integral to the success of the Commission's programs and initiatives over the past five years," Aquino said. "This year, the SEC will continue to improve its services, and at the same time, empower the corporate sector to pursue digital transformation and innovations," he added as he remained steadfast in his commitment to further digitally transform the SEC.
Kelvin Lester K. Lee is a commissioner of the Securities and Exchange Commission (SEC). The views and opinions stated herein are his own. You may email your comments and questions to oclee@sec.gov.ph.
Read The Rest at :
