IFC and Philippine Central Bank Pave the Way for Banking Transformation With Launch of Open Finance PH Pilot

In a bid to promote financial inclusion and greater collaboration among financial institutions, the Bangko Sentral ng Pilipinas (BSP), supported by the International Finance Corporation (IFC) and the World Bank (WB), has officially launched the Open Finance PH Pilot, marking a milestone in the establishment of an open finance ecosystem for the country. This initiative aims to help the unbanked—particularly those who lack documentation—build a financial profile and credit history and, over time, access loans and other services that were once out of reach.

The Pilot is a voluntary undertaking of financial institutions to co-develop an open, inter-operable and scalable ecosystem that empowers consumers to take more control over their financial data and enable them to access a range of financial products and services from different providers.