The BSP is looking into the adoption of an Open Banking ecosystem which espouses consentdriven data portability, interoperability and collaborative partnerships among incumbent financial instiutions and new third party players. Through open banking, third parties such as fintechs will be allowed to access financial information needed to develop innovative applications and services and provide account holders with greater financial options.
Since a digital ecosystem is heavily dependent on the transferability and use of electronic data, the BSP’s third priority is the setting of policies on data governance and the ethical use of data.