Philippine central bank rolls out open finance framework

The Bangko Sentral ng Pilipinas formally launched the Open Finance Framework, which allows customers to share their data with third-party providers across multiple financial products and services.

The central bank said the framework will give customers greater control over their own data and enable financial institutions to reduce transactions costs.

It also said it has adopted the three-year roadmap outlining priority actions and the implementation of a scalable framework for open finance.