UBX, the financial technology (fintech) venture studio of the Aboitiz Group, is setting up a foundation that will champion the development of an inclusive Open Finance Framework in the Philippines.
To be called the Philippine Open Finance Foundation, the institution aims to make the adoption of open finance as a technology that empowers Filipino consumers with the right set of financial tools and solutions for their needs.
“They say it takes a village to raise a child, and since Open Finance in the Philippines is still infancy, UBX has decided to launch a shared village we call the Philippine Open Finance Foundation,” UBX Managing Director for Open Finance Jaime Garchitorena said at the Singapore Fintech Festival on 2 November, Wednesday.
The Philippine Open Finance Foundation will bring together relevant stakeholders, including other financial institutions, government agencies, non-government organizations, civic groups, and the academe to come up with meaningful initiatives that will support the development of Open Finance in the Philippines.
Initiatives include advocating the inclusion of finance in the Philippine education system, dialogues with the relevant government institutions, especially the Bangko Sentral ng Pilipinas (BSP) and the Department of Information and Communications Technology (DICT), and strong collaboration with industry players to realize the benefits of Open Finance.
Open Finance has the power to accelerate the country’s financial inclusion goal, as it democratizes access to a spectrum of financial products and services particularly for the unbanked and underbanked as well as growing business.
Driving access and interoperability among financial ecosystem participants, Open Finance allows financial institutions to reach the unbanked and underbanked, while empowering them to tailor solutions that meet the needs of consumers and businesses.
Open Finance enables participants to acquire customers at scale, develop solutions specific to the unbanked, underbanked, and growing businesses, and provide consumers with greater choice and control over their data
“The Philippine Open Finance Foundation aims to ensure that the adoption of Open Finance as a technology is premised on a well-educated and trusting public and a well-educated and trustworthy set of participants. One of its core advocacies will be consumer protection through a strong dispute resolution mechanism,” Garchitorena said.
Aside from consumer-focused initiatives, the Philippine Open Finance Foundation also aims to help the BSP craft, develop, and evolve the Open Finance Framework of the country, allowing “consent-driven data portability, interoperability, and collaborative partnerships among financial institutions and third-party providers (TPPs).”
“We plan to work on a diverse set of partners and institutions, advocating for the adoption of open finance, consumer education and consumer protection. We invite and encourage you to join our village to bring Open Finance to every Filipino,” Garchitorena said.
To learn more about the Philippine Open Finance Foundation, please visit: https://openfinance.ph
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