On August 8, 2023, Fintech Philippines Association kicked off its Meet-and-Greet Sessions with Philippine Legislators by holding separate dialogues with Senator Grace Poe and Representative Joey Salceda, senior lawmakers who chair the Senate Committee on Economic Affairs and the House Committee on Ways and Means, respectively.
During the dialogues, delegates from the Association’s Open Finance Committee discussed with the lawmakers key issues and challenges confronting Open Finance from the perspectives of various stakeholders. Among the topics taken up was the consumers’ right to complete ownership of their financial data, which is a prime component and catalyst of Open Finance. The delegates pointed out the barriers faced by financial technology companies from accessing credible financial information of consenting customers that could have allowed for more reliable credit assessment and better financial products and services such as credit scoring, disbursements, loans, insurance, and investments. The delegates highlighted the pivotal role that Congress will play through its lawmaking and oversight powers in creating a cohesive and comprehensive Open Finance program to further promote financial inclusion and education for underserved Filipinos.
Organized by the Fintech Philippines Association’s Open Finance Committee, the Meet-and-Greet Sessions with Philippine Legislators aim for concrete legislative actions to push the Open Finance agenda. The Committee is chaired by Brankas, one of the leading Open Finance solutions providers in Southeast Asia, and counts for its members other innovative financial companies such as Coins.ph, DingDong PH, Finscore, Global Dominion Financial Inc., Investree Philippines, PayMongo, SmileAPI, and UNObank.
