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Philippines fintech industry organisation Fintech Alliance.PH has announced its support for the Bangko Sentral ng Pilipinas (BSP)’s “Race to the Future: The Open Finance PH Hackathon,” scheduled from 15 July to 7 August 2024.
This event aims to advance the open finance ecosystem throughout the country, in line with the BSP’s goals to further the digitalisation of financial services and foster financial inclusion for underserved micro, small, and medium enterprises (MSMEs) in the Philippines.
Supervised and organised by the central bank, the hackathon invites collaboration among BSP-Supervised Financial Institutions (BSFIs), fintechs, third-party providers (TPPs), and other digital finance innovators.
Participants are expected to present solutions that improve the financial industry’s performance, capabilities, and infrastructure in response to the growing prominence of open finance in the Philippines.
Hackathon participants can form teams of three to four individuals from their institution or register as cross-institutional teams. Using the Open Finance API Sandbox, teams will create solutions focused on themes such as ‘Next-Generation Financial Management,’ ‘Reducing Barriers to MSME Lending,’ and ‘Digital Payments Innovation’.
Lito Villanueva, founding chairman of Fintech Alliance.PH, highlighted his organisation’s commitment to the growth of the open finance ecosystem. He urged members to take advantage of this opportunity to enhance their fintech capabilities and contribute to local sector growth.
Lito Villanueva
“Fintech Alliance.PH is dedicated to being a steadfast partner in creating a safe, prosperous, and inclusive path towards a fully digital society through open finance.
I invite the public to leverage this invaluable opportunity to expand their skills, networks, and perspectives as we enter a new era of digital banking,”
said Lito.
Lito further noted that the event is also a chance for innovators to establish meaningful partnerships for future collaborations.
The BSP’s “Race to the Future: The Open Finance PH Hackathon” highlights its focus on fostering innovation and collaboration in the Philippine financial sector, with the hackathon representing a step towards creating a robust and inclusive open finance ecosystem.