DICT urges fintechs to tap capital markets

Also calls for elimination of one-time passwords

- By KEISHA TA-ASAN

The Department of Information and Communications Technology (DICT) is urging financial technology firms to prepare for public listings next year, while calling on telecommunications companies and financial institutions to phase out onetime passwords (OTPs) as part of a wider effort to curb fraud and improve digital payments.

DICT Secretary Henry Aguda said fintech companies play a critical role in developing the country's digital economy and should consider tapping the capital markets to expand and scale.

"Next year is a call to action to change the narrative of the country," he said in a speech at a fintech industry event. "I hope that when 2026 comes, we hit the ground running.”

Aguda said he has been in discussions with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to craft more responsive listing rules for startups.