BSP-IFC hackathon highlights innovations in open finance

By Francis Allan L. Angelo

A retirement planning app, Pensyon PH, emerged as the top proof-of-concept at the “Race to the Future: The Open Finance PH Hackathon,” organized by the Bangko Sentral ng Pilipinas (BSP) and the International Finance Corporation (IFC).

The hackathon, held from July 15 to August 7, 2024, showcased innovative solutions aimed at advancing Open Finance in the Philippines.

The Bangko Sentral ng Pilipinas (BSP) and the International Finance Corporation (IFC) successfully concluded the “Race to the Future: The Open Finance PH Hackathon,” highlighting innovations designed to enhance the country’s financial ecosystem through Open Finance.

Among the standout projects was Pensyon PH, an app that helps Filipinos plan for a financially secure retirement, which was developed by Team ATRAM. This project took the top prize, reflecting its potential impact on the financial future of many Filipinos.

Team ATRAM’s Pensyon PH allows users to project their retirement savings goals, receive tailored advice, and manage their Personal Equity and Retirement Accounts (PERA) seamlessly.

The hackathon brought together 51 teams from various sectors, including banks, financial technology companies, and government offices, who competed to develop solutions for next-generation financial management, reducing barriers to MSME lending, and digital payments innovation.

A total of 37 teams submitted their proof-of-concept projects, with the finalists presenting their ideas to a distinguished panel of judges on Demo Day, August 7, 2024.

The judging panel included notable figures such as BSP Monetary Board Member Romeo Bernardo, Insurance Commission Director Paola Gabrielle Matanguihan, and IFC Operations Officer Sagar Siva Shankar.

The competition underscored the collaborative effort required to drive Open Finance in the Philippines, which emphasizes consent-driven data-sharing and secure partnerships among financial institutions.

BSP Deputy Governor Chuchi G. Fonacier reiterated the BSP’s commitment to promoting financial innovations while safeguarding consumer rights and data security. “The BSP promotes innovations in the financial system while remaining vigilant against risks to financial stability,” she emphasized during the event.

Other notable finalists included platforms such as “Money PH” by BPInnovators, which offers account aggregation for mobile wallets, and “ACReS: Alternative Credit Reporting System” by BPI JoJoJoJu Inc., which provides consumer credit ratings based on business financial health.

The hackathon not only generated industry awareness on the potential of Open Finance but also provided concrete examples of how it can address the evolving needs of Filipino consumers.

“Open Finance is best implemented in tandem with the industry,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.

He praised the hackathon for offering scalable and interoperable applications that promote a more inclusive and resilient financial ecosystem.

As the top winner, Team ATRAM earned an all-expense-paid trip to the Singapore Fintech Festival in November 2024, where they will have the opportunity to engage with global fintech experts and further refine their innovative retirement planning app.

The BSP and IFC hope to continue supporting Open Finance initiatives, which hold the promise of a fairer and more accessible financial landscape for all Filipinos.