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Philippines: BSP approves Open Finance Framework to enable data portability and interoperability
The Central Bank of the Philippines ('BSP') announced, on 18 June 2021, that its Monetary Board had approved the guidelines for the establishment of an 'Open Finance Framework.' In particular, the BSP confirmed that the framework provides for consent-based data portability, interoperability, and collaborative partnerships between financial institutions and FinTech entities, while also ensuring the protection of personal data. More importantly, the BSP highlighted that the framework would enable consumers to access their financial data, thereby promoting the development of customer-centric products in the financial sector.
In this regard, the BSP noted that the framework covers different financial institutions and a broad array of financial products, including, but not limited to, banking products and services, investments, pensions, and insurance. Furthermore, the BSP clarified that the framework is expected to be implemented with a tiered approach based on data sensitivity, types of data, and categories of data holders. More specifically, the BSP stated that the framework would involve the sharing of account information or personal and financial information provided by a customer, among other things.
You can read the press release here and the guidelines here.
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