Bangko Sentral to finalise an Open Finance circular by next quarter

Phillipine-based Bangko Sentral has announced it will finalise an Open Finance circular by next quarter to set rules on the sharing of customers’ financial data among institutions.

A draft proposal released in December 2019 showed the circular will allow for the establishment of an Open Finance Oversight Committee that will be recognised by the central bank.

The self-governing, industry-led body will be responsible for its own membership and participation rules, standards, and procedures.

Besides, some parties also expressed interest in using Open Finance to expand data supply bank products such as insurance and entitlements.