21 June 2023: Open Banking Exchange (OBE) welcomes today’s event held by Bangko Sentral ng Pilipinas (BSP) for the Philippines Open Finance Pilot. Since our blueprinting work for the IFC, OBE has played a vital role running information sessions and working groups that have delivered the rules and standards. Moving forward, OBE will play the role of the “Pilot Administrator” and will support and manage the pilot.
At the gala BSP event, the Director General received the standards and the financial community showed its commitment. The Open Finance Pilot is another step towards delivering Open Finance in the Philippines which will address the challenges of digital connectivity and financial inclusion in the region.
During her address, The Chair of the Open Finance Oversight Committee Transition Group (OFOC TG), Maria Lourdes Jocelyn S. Pineda (Chair Long) thanked those involved adding:
“I would like to acknowledge the role of our Pilot Administrator, Open Banking Exchange, that is going to playing a primary role as we move towards implementing Open Finance in the Philippines.”
During the event, the vision and scope of Open Finance was showcased, championing equal access to financial services for all Filipinos and building a cyber-resilient and open digital economy.
"In developing the standards for the Philippines, we've been able to take the best elements globally and mix these up to make a truly bespoke standard that can successfully evolve into Open Finance and beyond. What is exciting is that a suite of consent standards has been put in place that is first being used for banking but will later extend across the economy."
In November 2021, OBE was appointed originally to run an educational and blueprinting exercise with leading financial institutions in the Philippines. Since then, OBE has used its global methodology to match the policy aims of the central bank, the direction of the steering group and the realities of the market environment to create rules and standards and an implementation plan for the pilot announced today.
This content was originally published by Open Banking Exchange in June 2023. Open Banking Exchange advisory and consultancy services are now being provided by Konsentus. This content is therefore now available for visitors to the Konsentus website.
