PHL Open Finance now open for standards consultation

The Bangko Sentral ng Pilipinas invites interested BSP-supervised financial institutions (BSFIs) and third-party providers to participate in the standards consultation for the Philippine Open Finance Pilot (“PH Open Finance Pilot”) to inform the development of open finance technical and operational standards and arrangements.

The PH Open Finance Pilot is a collaborative undertaking of financial institutions and third-party providers, participating on a voluntary basis, to explore the use of Application Programming Interface (API) technologies in the delivery of financial products and services responsive to the needs of customers.

The BSP recognizes that the PH Open Finance Pilot is an important initiative in promoting a responsive, inclusive, and responsible digital financial ecosystem that is characterized by innovation-driven use of consumer data.

“We call on our BSFIs and third-party providers to proactively take part in the development of technical and operational standards and arrangements and carefully scrutinize the fundamental elements necessary in the establishment of a vibrant open finance ecosystem in the country,” said BSP Governor Felipe M. Medalla.

The activities of the PH Open Finance Pilot, which will operate through the support of the International Financial Corporation (IFC), will be governed pursuant to Circular No. 1122, and monitored by the Open Finance Oversight Committee Transition Group (OFOC TG).

For more information, interested parties may visit the Philippine Open Finance website at www.openfinanceph.org.