BSP launches Open Finance PH Pilot, aims for greater financial inclusion

The Bangko Sentral ng Pilipinas (BSP) unveiled the Open Finance PH Pilot, allowing financial institutions to empower customers by providing more control over their data and expanding financial inclusion.

Supported by the World Bank’s International Finance Corp., the pilot will establish technical and operational standards for open finance.

BSP Governor Felipe M. Medalla said that Open Finance PH will enable equal access to financial services, build a resilient digital economy, and benefit the unbanked population.

Participation in the voluntary pilot is limited to eligible BSP-supervised financial institutions.

The BSP initiated registration and aims to co-develop an open and scalable ecosystem, granting consumers access to diverse financial products and services while maintaining data control.

The pilot’s potential impact on micro, small, and medium enterprises is seen as significant, offering tailored payment schemes and enhanced credit risk assessment.