THE Open Finance Roadmap 2021-2024 will boost digital transformation and stakeholder cooperation towards enhanced financial inclusion in the Philippines, according to the Bangko Sentral ng Pilipinas (BSP).
“The roadmap outlines priority actions, including the adoption of the policy framework, capacity-building for regulation, and cooperative oversight. It lays the groundwork for the establishment of an Open Finance ecosystem in the Philippines,” according to BSP Governor Benjamin E. Diokno.
Open finance is a model marked by collaboration and data sharing through Application Programming Interfaces (APIs). An API is a set of standard messages between two computer systems that makes possible machine-to-machine submission and validation of reports.
“Accelerating digitalization during the pandemic magnifies opportunities for wider connectivity. We consider the release of the roadmap as timely and critical for fintech solutions, financial regulators, and market players,” the Governor explained.
Open Finance promotes consent-driven data portability, interoperability, and collaborative partnerships among entities. It extends the principles of data sharing, security, and privacy across the different financial products./PN
