The Philippines proposes industry-led governing body for Open Finance

Thursday 4 February 2021 11:10 CET | News

The Philippines’ central bank has proposed the establishment of an ‘industry-led’ self-governing body as it looks to encourage the development of Open Finance.

The Bangko Sentral ng Pilipinas (BSP) set out plans in a draft circular to create what would be known as the Open Finance Oversight Committee (OFOC) to lead on governance matters such as the development of application programming interface (API) standards.

The nine-page circular outlines how the BSP would envisage Open Finance developing in the country, including a ‘tiered’ implementation by data sensitivity, data type and data holder type. It says that the tiers would not necessarily be sequential, and multiple implementations may occur simultaneously.

The BSP told Global Government Fintech this week that it reviewing more than 500 responses received to its draft. The final version will go through several review and approval processes within the BSP before it is published as a circular for implementation.

OFOC, which will be overseen by the BSP, would then be established after guidelines for the adoption of the country’s Open Finance framework have been finalised. The OFOC would ‘promulgate its own membership and participation rules and formulate its own standards and procedures’, according to the draft proposal.

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Keywords: Philippines, Open Finance, Open Data, Open Banking, BSP, OFOC, API, framework
Categories: Banking & Fintech
Countries: Philippines
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