OBE becomes pilot administrator for Philippine Open Finance

Bangko Sentral ng Pilipinas (BSP) stated that since their blueprinting work for the IFC, OBE has played a vital role running information sessions and working groups that have delivered the rules and standards. Moving forward, OBE will play the role of the ‘pilot administrator’ and will support and manage the pilot.

BSP has conceived the Open Finance Pilot as another step towards delivering Open Finance in the Philippines, which will address the challenges of digital connectivity and financial inclusion in the region.

Promoting financial inclusion

The vision and scope of Open Finance is to champion equal access to financial services for all Filipinos and building a cyber-resilient and open digital economy.

Officials from OBE said that in developing the standards for the Philippines, they’ve been able to take the best elements globally and mix these up to make a truly bespoke standard that can successfully evolve into Open Finance and beyond. What is exciting is that a suite of consent standards has been put in place that is first being used for banking but will later extend across the economy.

In November 2021, OBE was appointed originally to run an educational and blueprinting exercise with leading financial institutions in the Philippines. Since then, OBE has used its global methodology to match the policy aims of the central bank, the direction of the steering group and the realities of the market environment to create rules and standards and an implementation plan for the pilot announced today.

What does Open Banking Exchange do?

Open Banking Exchange is part of the Konsentus Group, an organisation wholly dedicated to the delivery of open data ecosystems. Combined, the Konsentus Group delivers end-to-end advisory services to support national Open Banking programmes, as well as technology solutions to central entities across the globe enabling data and funds within open ecosystems to be securely exchanged in a reliable, consistent, and automated way.