Interview with Mark Gorriceta, a distinguished TMT lawyer from ALB Asia's Top 15
In the dynamic world of Technology, Media, and Telecommunications (TMT), staying ahead of the curve is crucial for success. This is especially true in the Philippines, where TMT lawyers are adapting to rapidly changing business and regulatory trends.
To excel in this field, young lawyers specializing in TMT should master the fundamentals in banking, securities, and public utilities laws and regulations. Moreover, they should familiarize themselves with the regulatory environment of key TMT bodies such as the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), National Privacy Commission, and Department of Information and Communications Technology.
One representative of a leading law firm in the Philippines is at the forefront of these developments. This representative is involved in the BSP's Open Finance Oversight Committee as a representative of Fintech Philippines Association and the FinTech Alliance. The firm is deeply embedded in both the regulatory and private stakeholder discussions to stay updated.
The representative also updates themselves by delivering lectures, participating in panel discussions, and contributing to legal publications concerning novel TMT issues as they arise. This proactive approach has been instrumental in securing the country's first Permanent Crowdfunding License for Investree Philippines Inc. from the SEC.
In the past 12 months, the firm has facilitated pioneer regulatory FinTech licenses and spearheaded acquisitions of key FinTech players in the country. For instance, the acquisition of payment solutions leader Dragonpay Corporation's ("Dragonpay") by Jakarta-based B2B unicorn Xendit Pte. Ltd.'s ("Xendit").
To better understand the market and products in TMT, studying the technical side, particularly data and transaction flow, is essential. This technical understanding helps lawyers determine the legal and regulatory framework applicable to the business model.
In addition to mastering legal knowledge, TMT lawyers employ key strategies to stay agile and responsive to the fast-evolving regulatory landscape. These strategies include ongoing education and research, the use of LegalTech and RegTech tools, collaborative and scalable teams, strategic business partnerships, demonstrating value through metrics, and attracting and retaining talent.
By employing these strategies, Philippine TMT lawyers provide timely, relevant legal guidance amid evolving technological advances and regulatory reforms. While the sources primarily discuss broader Asian and global trends, these insights apply to the dynamic TMT legal practice environment in the Philippines, where agility and technology integration are essential.
- To effectively navigate the TMT legal landscape in the Philippines, lawyers must not only grasp the intricacies of banking, securities, and public utilities laws and regulations, but also familiarize themselves with the regulatory bodies such as the BSP, SEC, National Privacy Commission, and Department of Information and Communications Technology.
- To keep up with the fast-evolving TMT regulatory landscape, lawyers in the Philippines should complement their legal knowledge with key strategies like ongoing education and research, using LegalTech and RegTech tools, fostering collaborative teams, establishing strategic partnerships, measuring success through metrics, and recruiting talented individuals.
