The Bangko Sentral ng Pilipinas (BSP) looks to launch within the next three months a new framework that would regulate the customer-allowed sharing of financial data that is seen to create innovative financial solutions for both customers and financial institutions. “The underlying idea of open finance is that customers are the owner of transaction data, which could be shared if [they] wish to do so,” Diokno said. It encourages information-sharing among financial institutions in the course of developing innovative financial services for customers. Diokno also said an industry-led oversight body under the Bangko Sentral’s supervision would also be set up under the framework. “The oversight body will promulgate standards and rules for entities participating in the open finance ecosystem.

Source: Manila Times March 11, 2021 16:18 UTC