We, at the Bangko Sentral ng Pilipinas, view that the essential features of open finance can foster responsible data-based innovations that can advance financial inclusion through the development of customer-centric financial products and services. The first essential feature of open finance is consent-driven data portability.
Under the open finance framework, consumers are recognized as owners of their transaction data, empowering them to grant access and share their data to financial institutions and thirdparty participants of their choice. The second feature is interoperability and collaborative partnerships.