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Jun 22 2021 
BSP allows sharing of consumer data
THE Monetary Board has approved the rules allowing banks to share consumer data to improve their financial solutions, the Philippine central bank said at the weekend.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the open finance framework would promote financial inclusion and drive digital transformation.
Allowing the sharing of user data would help financial…
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Jun 22 2021 
BSP issues rules for ‘Open Finance’ in digitization push
THE Bangko Sentral ng Pilipinas (BSP) has announced over the weekend that it has established the guidelines for open finance in the country.
The Open Finance Framework’s main premise is consent-driven data portability, interoperability and collaborative partnerships between financial institutions and financial technology (fintech) players.
Under the framework, consumers will have the power to grant access to…
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Jun 22 2021
‘Bank account provision must be in National ID law’
SEN. Sherwin T. Gatchalian expects an enabling law in place by January 1, 2023, requiring all Filipinos registered in the national identification (ID) system to own a bank account enabling access to government’s financial services.
This was the proposal laid down by Gatchalian in filing Senate Bill 2251, to be known as the “One Filipino, One…
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Jun 22 2021 
RCBC Rolls Out Open Banking Partnership With the Rural Bankers Association
The Rizal Commercial Banking Corporation (RCBC) has rolled out an enabling digitalisation initiative with a new partnership with the Rural Bankers Association of the Philippines (RBAP) for the SynerFi Open Finance Network.
This move comes days after the Bangko Sentral ng Pilipinas (BSP) released its Open Finance Framework.
The BSP’s Open Finance Framework’s main premise is consent-driven data portability, interoperability…
