21 June 2023: Open Banking Exchange (OBE) welcomes today’s event held by Bangko Sentral ng Pilipinas (BSP) for the Philippines Open Finance Pilot. Since our blueprinting work for the IFC, OBE has played a vital role running information sessions and working groups that have delivered the rules and standards. Moving forward, OBE will play the role of the “Pilot Administrator” and will support and manage the pilot.
At the gala BSP event, the Director General received the standards and the financial community showed its commitment. The Open Finance Pilot is another step towards delivering Open Finance in the Philippines which will address the challenges of digital connectivity and financial inclusion in the region.
During her address, The Chair of the Open Finance Oversight Committee Transition Group (OFOC TG), Maria Lourdes Jocelyn S. Pineda (Chair Long) thanked those involved adding:
During the event, the vision and scope of Open Finance was showcased, championing equal access to financial services for all Filipinos and building a cyber-resilient and open digital economy.
In November 2021, OBE was appointed originally to run an educational and blueprinting exercise with leading financial institutions in the Philippines. Since then, OBE has used its global methodology to match the policy aims of the central bank, the direction of the steering group and the realities of the market environment to create rules and standards and an implementation plan for the pilot announced today.
About Open Banking Exchange
Open Banking Exchange is part of the Konsentus Group, an organisation wholly dedicated to the delivery of open data ecosystems. Combined, the Konsentus Group delivers end-to-end advisory services to support national open banking programmes, as well as technology solutions to central entities across the globe enabling data and funds within open ecosystems to be securely exchanged in a reliable, consistent and automated way.
Konsentus is ISO 27001 certified.