Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Open finance to benefit consumers

More Filipino consumers can benefit from a bid to make financial services accessible to everyone through an open finance framework.

 “With open finance, Filipino consumers will be able to have a consolidated view of their personal data, and their financial transactions, access more affordable services that fit their needs, and ultimately make more informed financial choices,” Bangko Sentral ng Pilipinas governor Benjamin Diokno said in a virtual briefing Thursday.

He said the idea behind open finance is that customers are the owners of transaction data thus, “data should be shared if the customers wish to do so.”

Diokno said BSP has established the guidelines on open finance framework through Circular No. 1122, which is a major factor for digital transformation and financial inclusion.

“It promotes consent-driven data portability, interoperability, and collaborative partnerships among entities that adhere to the same standards of data security and privacy,” he added.

Under this framework, customers, as owners of transaction data, may opt-in and opt-out when they want to withdraw or change the scope of their consent.

Diokno said regulators are seeking the financial sector’s support in this bid, adding that participation in the open finance ecosystem is not mandatory.

“In establishing the open finance ecosystem, the BSP sees the value of placing the governance of the industry into a single body with explicit formalized self-governance structure where the industry standards and inter-participant business rules are housed,” he said.

An Open Finance Oversight Committee is now being formed and this will include representatives from each classification of banks, non-bank financial institutions, electronic money issuers, operators of payment systems, and other related sectors, he added.*PNA

Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email
ARCHIVES

Read Article by date

January 2022
MTWTFSS
 12
3456789
10111213141516
17181920212223
24252627282930
31 

Get your copy of the Visayan Daily Star everyday!

Avail of the FREE 30-day trial.