Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the Open Finance Framework will promote the financial inclusion of small businesses in the Philippines by supporting customer-centric development of innovative financial products or services.
“With the tailor-fit solutions that open finance brings, we will be able to onboard more small and medium enterprises into the formal financial system and provide them with access to digital financial services,” Diokno said during the recent anniversary of the Italian Chamber of Commerce in the Philippines Inc.
Open Finance Framework governs customer-allowed sharing of financial data that will lead to the creation of innovative financial solutions for both customers and financial institutions.
Customers, as owners of the transaction data, will have the power to grant access to financial data which will help shape customer-centric products.
Diokno said improved access to finance by SMEs could help sustain their economic activities and aid in the digital transformation of their businesses.
‘Open Finance’ seen to assist SMEs—BSP
