The framework adopts the principles of consent-driven data portability, interoperability, and collaborative partnerships among incumbent financial institutions and new third-party players. Through open finance, financial institutions will be able to develop a better understanding of customers’ needs and expand market reach.
The BSP is set to complete this year the establishment of the Open Finance Oversight Committee, an industry-led self-governing body tasked to formalize selfgovernance structure where industry standards and inter-participant business rules are housed. Another initiative is the development of a centralized database that can be used for risk-based lending to small and medium enterprise (SMEs).