officially launched by the Bangko Sentral ng Pilipinas .
“With Open Finance PH, we are taking a big step towards unlocking equal access to financial services for all Filipinos and building a cyber resilient and open digital economy,” BSP Governor Felipe M. Medalla said. In turn, through Open Finance PH, banks, fintech startups and other third-party providers can assess credit risk more efficiently by reducing costs and opening up new revenue streams. It will be easier to extend the customer lifetime value. An open system will also encourage both industry collaboration and competition; by opening up the market to new players, it aims to inspire everyone to offer more affordable and accessible products and services that better serve the unbanked and underbanked.
“It positions the country right alongside more advanced markets like Singapore, the United Kingdom, and the European Union, all of whom catalyzed innovation by championing open banking initiatives.”