The Fintech Philippines Association (Fintech PH) signed the charter formalizing the creation of the inaugural Open Finance Committee at the recently concluded Philippine Fintech Festival. The Committee aims to contribute to existing and ongoing efforts to implement the Philippine Open Finance Framework through:
- Educating the public about what Open Finance is and how it concretely benefits them
- Generating new solutions, products and services and encouraging new ideas from startups or incumbents from the possibilities that Open Finance opens up
- Creating a proposition for financial institutions to participate in Open Finance
- Developing a united position and initiating dialogue surrounding relevant legal and compliance issues to be discussed with the relevant regulators, including the Bangko Sentral ng Pilipinas (BSP), National Privacy Commission (NPC) and the Department of Trade and Industry (DTI)
- Proposing systems/technologies that are necessary for Open Finance adoption, such as robotic process automation (RPA) or accreditation of third-party providers.
The Open Finance Committee shall undertake education and training to highlight the value of open finance; develop publications, factsheets, mini guides, and infographics; organize networking, discussion, and dialogue with financial institutions; develop standards surrounding relevant Open Finance technologies and organize hackathon and ideas generation on the development of novel financial products and services.
In June 2021, the BSP, through circular No. 1122, initiated an open finance framework that has enabled access for third-party providers (TPP) to use customer’s financial information and data (subject to consent requirements and opt-out mechanisms). TPPs can leverage on such data to better develop their financial technology (fintech) products and services.
Todd Schweitzer, CEO and Co-founder of Fintech PH member Brankas, will head the Open Finance Committee. Brankas provides API-based solutions, data, and payments solutions for financial service providers (like banks, lenders, and e-wallets) and online businesses.