This framework will help direct BSP’s approach to encourage greater participation in our regulatory sandbox, especially for promising businesses that may be hesitant to raise groundbreaking ideas to existing regulators. The BSP has also implemented fintech-related policies and digitally driven initiatives to complement the test and learn approach and regulatory sandbox.
First, on digital banking… The BSP has approved six digital banking licenses which we expect will drive greater efficiency in the delivery of financial products and services, especially for the unserved and underserved. Second, on open finance… In January this year, the Open Finance Framework was formally launched, along with the threeyear Open Finance Roadmap 2021–2024.