Self-governing Open Finance body will be ready this year in the Phillipines

As a follow through, the BSP will organise workshop sessions among the initial set of OFOC members to facilitate discussion and resolution of common areas for cooperation which include but are not limited to governance models, or composition of officers, priority used cases, and coordination arrangements. The OFOC, which the BSP will oversee, will set its own standards and procedures, and promote what the central bank described as a ‘non-discriminatory membership’ that will represent all relevant sectors such as banks, non-bank financial institutions, electronic money issuers, and operators of payment systems.

The BSP approved the Open Finance Framework in June 2021 after releasing the draft rules in December 2020 for the feedback of industry players. OFOC, which is a provision in the Open Finance circular, will play a key role in setting into motion the critical components of the Open Finance ecosystem. However, it will be some time yet before Filipino consumers will experience the full benefit of Open Finance.

Open Finance is defined as the sharing and leveraging of customer-permissioned data among banks, other financial institutions and third-parties for financial solutions such as those that provide real-time payments, financial transparency options for account holders, marketing, and cross-selling opportunities.