The technology sector has become increasingly prominent in the past few years, partly because of the pandemic, and partly due to the emergence of new areas – from AI to fintech to decentralised finance and everything in between. To succeed in this dynamic environment, the best TMT lawyers have had to keep up with rapidly changing business and regulatory trends.

Can you tell us about some of your notable work in the past 12 months?

We facilitated pioneer regulatory FinTech licenses throughout the past 12 months. On the banking front, we assisted several institutional and up-and-coming banks in their license applications and digital financial service offerings in line with the regulations of the Bangko Sentral ng Pilipinas (“BSP”). On the securities front, we were able to secure from the Philippine Securities and Exchange Commission (“SEC”) the country's first Permanent Crowdfunding License for Investree Philippines Inc. We have also spearheaded acquisitions of key FinTech players in the country such as the acquisition of payment solutions leader Dragonpay Corporation’s (“Dragonpay”) by Jakarta-based B2B unicorn Xendit Pte. Ltd.’s (“Xendit”). We are also heavily involved in various fundraising campaigns and strategic licensing applications of onshore and offshore blockchain-based companies seeking to establish and expand their presence here in the Philippines. Presently, I am also involved in the BSP’s Open Finance Oversight Committee as a representative of Fintech Philippines Association and the FinTech Alliance.

Technology has evolved rapidly in the past years. How do you keep up?

As part of our Firm’s commitment to be the leader in this space, we always strive to be deeply embedded in both the regulatory and private stakeholder discussions – bridging both the legal and regulatory framework vis-à-vis the mechanisms to enable innovative products and services in the Philippines. Personally, being also active on the academic front – I also update myself by delivering lectures, participating in panel discussions, and contributing to legal publications concerning novel TMT issues as they arise.

For younger lawyers looking to specialise in TMT, what would be your advice?

Young lawyers seeking to specialize in TMT must first master their fundamentals particularly in banking, securities, and public utilities laws and regulations. They must also familiarize themselves with the issuances of key regulators in this space, such as the BSP, SEC, the National Privacy Commission, and the Department of Information and Communications Technology, among others. In addition, to better understand the market and the products and services concerning this space, they must also study the technical side, particularly on reading and analyzing the flow of data and transactions, which is key to determining the legal and regulatory framework applicable to the business model. Moreover, given the rapid changes in this space, they must also take it upon themselves to keep up with global developments and trends in TMT.

Mark S. Gorriceta
Managing Partner
E: msgorriceta@gorricetalaw.com

Gorriceta Africa Cauton & Saavedra
15/F Strata 2000, F. Ortigas Jr. Road
Ortigas Center, 1605 Pasig City
Philippines
W: www.gorricetalaw.com