Philippines: Adopted Open Finance Framework including data protection measure

The Open Finance Framework is adopted by the Central Bank of the Philippines. The framework aims to foster innovation, encourage competition, and advance financial inclusion while safeguarding the integrity and stability of the financial system. Open Finance refers to leveraging on and sharing customer-permitted data among banks, other financial institutions and third-party providers to develop innovative financial solutions. The Open Finance Framework intends to enhance the portability and interoperability of data while empowering customers by giving them better control over their personal and financial data, catalyzing the development of products and services that are responsive to their needs.