The Fintech Alliance.PH and Fintech Philippines Association (FPH) introduced the Philippines Fintech Industry Sandbox pilot which was first announced during the Singapore Fintech Festival 2020.
The sandbox pilot initiative is supported by the UK’s ASEAN Economic Reform Programme (ASEAN ERP) and was inspired by the UK Innovate Finance’s Industry Sandbox Consultative Report.
The Philippines Fintech Industry Sandbox is hosted on the API Exchange (APIX) platform, a cloud-based open architecture API marketplace, developed by the ASEAN Financial Innovation Network (AFIN).
This initiative includes close coordination with key stakeholders including the Bangko Sentral ng Pilipinas (BSP), APIX, Rural and Thrift Banks of the Philippines, the Fintech Alliance.ph as well as the Fintech Philippines Association.
Together they presented the sandbox initiative and the first round of problem statements that invite fintechs to answer three challenges; Mobile Banking, Credit Scoring and e-KYC applications.
At the pilot launch, Melchor Plabasan, Director Technology, Risk and Innovation at the BSP introduced the key concepts and the roadmap for Open Finance in the Philippines.
BSP had issued the Open Finance Circular which is ready to be approved in the coming weeks where 13 institutions already approached the central bank to embark on this pilot prior to the implementation of the circular.
This will enable fintechs to create solutions that can support the expansion and create greater access to and facilitate a broader range of financial services.
Participation in solution submissions will provide a greater reach for companies to be listed as a vetted member of the Philippines Fintech Industry Sandbox directory and API platform.
Shortlisted Solution Providers will also be highlighted in public announcements from the Philippines Fintech Industry Sandbox and have the opportunity to directly contract with interested rural and thrift banks to test further solutions.
Manish Diwaan, Managing Director of APIX, is excited to host the Philippines Fintech Industry Sandbox and welcomes fintechs and financial institutions from the Philippines.
“Our genesis lies in the idea of social good, to bring together fintech’s and financial institutions in a failsafe environment where they can come together to make digital finance possible.”
Additionally, Lito Villanueva, Chairman of the FinTech Alliance.ph addressed some of the challenges and barriers which are still prevalent in the Philippines and the significance of Open Finance.
“The challenge of financial inclusivity is too enormous for any single player to accomplish alone.
This is why collaboration, synergy, cooperation and partnerships through Open Finance will be key towards a sustainable digital economy for the Philippines.”
Featured image credit: edited from Unsplash
