The Bangko Sentral ng Pilipinas, backed by the International Finance Corp. and the World Bank, launched on Wednesday the Open Finance PH Pilot to promote financial inclusion and greater collaboration among financial institutions.
The launch marked a milestone in the establishment of an open finance ecosystem for the country. The initiative aims to help the unbanked—particularly those who lack documentation—build a financial profile and credit history and, over time, access loans and other services that were once out of reach.
The Pilot is a voluntary undertaking of financial institutions to co-develop an open, inter-operable and scalable ecosystem that empowers consumers to take more control over their financial data and enable them to access a range of financial products and services from different providers.
Eligible BSP-supervised financial institutions are expected to participate in the Pilot. This marks the next phase in the implementation of the Revised Open Finance Roadmap (2023-2027) which lays out the updated priority actions of the BSP in the adoption of Open Finance in the country.
“With Open Finance PH, we are taking a big step towards unlocking equal access to financial services for all Filipinos and building a cyber resilient and open digital economy,” BSP Governor Felipe Medalla said.
