The Bangko Sentral ng Pilipinas has requested feedback from financial institutions and third-party providers for the Open Finance Pilot in the country.

The regulator aims to strengthen the development of open finance technical and operational standards and arrangements through this.

The PH Open Finance Pilot is a collaborative undertaking of financial institutions and third-party providers, participating on a voluntary basis, to explore the use of Application Programming Interface (API) technologies in the delivery of financial products and services responsive to the needs of customers.

BSP said in a statement that it recognises that the “PH Open Finance Pilot is an important initiative in promoting a responsive, inclusive, and responsible digital financial ecosystem that is characterised by innovation-driven use of consumer data”.

“We call on our BSP-supervised financial institutions (BSFIs) and third-party providers to proactively take part in the development of technical and operational standards and arrangements and carefully scrutinise the fundamental elements necessary in the establishment of a vibrant open finance ecosystem in the country,”

said BSP Governor Felipe M. Medalla.