Financial institutions and fintech firms are invited to participate in the development of rules and standards for the Philippine Open Finance Pilot.
The BSP (Bangko Sentral ng Pilipinas) is calling on financial institutions and third-party providers to participate in a standards consultation for the Philippine Open Finance Pilot.
The Open Finance Pilot will explore the use of API technologies in the delivery of financial products and services, an initiative aimed at promoting a responsive, inclusive, and responsible digital financial ecosystem driven by innovative uses of consumer data.
The BSP launched a three-year roadmap early last year outlining priority actions to develop open finance, building on the release of an Open Finance Framework in June 2021.
The framework sought to promote consent-driven data portability, interoperability, and collaborative partnerships among financial institutions and fintech players that adhere to the same standards for data security and privacy.
In a new statement, the BSP said the Pilot starts with a preparation phase involving the development of the rules and standards.
Regulated financial institutions, third-party providers and fintech firms are invited to participate in informing the development of open finance technical and operational standards and arrangements, with BSP governor Felipe Medalla asking them to “carefully scrutinise the fundamental elements necessary in the establishment of a vibrant open finance ecosystem in the country.”
The activities of the Pilot initiative will be monitored by an interim governing body – the Open Finance Oversight Committee Transition Group (OFOC TG) – which was established in 2021 when the Open Finance Framework was released.
More information is available here.