THE Bangko Sentral ng Pilipinas announced that it is crafting rules to establish a so-called “digital marketplace” for innovation between banks, electronic money issuers and financial service providers .
The digital financial marketplace model is anchored on the “open finance framework,” which allows the sharing of financial data of consenting customers to create innovative financial solutions that cater to their needs. “This arrangement is expected to promote a more competitive environment that will ultimately benefit financial consumers,” he added.
The financial products or services to be offered include retail loan products, such as home mortgage loans, credit cards, motor vehicle loans, salary loans, and consumer credit for other purposes; other retail financial products, such as cash cards, debit cards and other related products; retail insurance products, collective investment schemes or pooled investment funds, such as mutual funds and unit investment trust funds; and other financial products or services as may be authorized by the...