The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the guidelines on Open Finance Framework, which is seen as a key enabler for digital transformation and financial inclusion.
BSP Governor Benjamin Diokno said in a statement over the weekend the Open Finance Framework recognizes that advances in technology will facilitate the development of products and services for every Filipino using their own consumer data.
“Open Finance is definitely not a sprint but a marathon. It will be a long and challenging run, but just like any other sport we need to properly prepare and condition ourselves to finish strong in this race,” Diokno said.
The issuance of the Open Finance Framework is one of the initiatives under the BSP’s Digital Payments Transformation Roadmap, which targets to have 70 percent of Filipino adults with transaction accounts by 2023.