The Global Partnership for Financial Inclusion (GPFI) is the main implementing organization for the G20 Financial Inclusion Action Plan. The Philippines is arguably one of the most successful countries in terms of applying risk-based and proportionate assessment, often through test-and-learn approaches. However, the country’s regulators would like standard setting bodies to provide greater clarity on the optimum balance and to explicitly address test-and-learn approaches in international standards. This study is published by the Alliance for Financial Inclusion (AFI) in its capacity as implementing partner of the G20 Global Partnership for Financial Inclusion (GPFI).