Facilitating financial inclusion

FINANCIAL inclusion is a key goal of open finance. A growing number of innovative start-ups, fintechs and banks are changing the industry with easy-to-use apps and solutions. Incompatible interfaces, however, are hampering the next steps toward further empowering customers.

The Bangko Sentral ng Pilipinas' (BSP) adoption of the Open Finance Framework seeks to address this issue by establishing a common application programming interface (API) layer that ensures a uniform and consistent way of managing information exchanges.