The central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP), has come out with the BSP Digital Payments Transformation Roadmap for 2020-2023, which essentially is a proposal to stakeholders about an open banking framework as part of the regulator’s 3-year digital payments transformation program. The proposal is seen as an effort to boost financial inclusion and transform the Philippines from a cashheavy economy to a cash-lite economy.
The central bank, in making the proposal public and seeking comments from stakeholders, is actually moving ahead with fintech ecosystems that support consent-driven data portability, interoperability and collaborative partnerships with formidable financial institutions and fintech players. This, the regulator believes, will significantly benefit the country.
COVID SPURS OPEN BANKING
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