Philippines launches a three-year open finance strategy
The central bank of the Philippines Bangko Sentral ng Pilipinas (BSP) launched a three-year strategy to promote open finance with a special focus on improving economic resilience and financial inclusion. The Open Finance Roadmap 2021-2024 ‘outlines priority actions, including the adoption of the policy framework, capacity-building for regulation, and cooperative oversight. It lays the foundation for the formation of an Open Finance ecosystem in the Philippines,’ said BSP Governor Benjamin E. Diokno. Some of the other actions pinpointed by the roadmap include the development and adoption of industry-accepted standards dubbed as the ‘test-and-learn’ approach. The industry-led group encompasses representatives from financial services providers ranging between universal and commercial banks, rural banks, and the fintech sector.