Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Open Banking Exchange (OBE) selected by IFC to run Philippine open finance programme

- Global Banking | Finance

Paris, 7 December 2021: As open finance develops as a global phenomenon, it is essential for different regions to compare implementation methods before choosing the best system. Open Banking Exchange, the global branch of Open Banking Europe, was founded to guide countries in promoting standards and best practices around open finance. In this context, OBE was recently chosen by the International Finance Corporation (IFC) as a partner to support the development of the industry framework for open finance in the Philippines. 

The IFC, part of the World Bank Group, is the largest global development institution dealing with the private sector in emerging markets. Working with more than 2,000 businesses worldwide, the IFC has recognised the need for financial services to adapt the way they operate in a new digital environment.

To support the Philippine open banking industry, the IFC has sought the help of experts. This will encompass practical and operational design, the implementation of industry level governance, and technical and operational arrangements. 

OBE will be supporting the IFC, as part of a broader World Bank programme with the Bankgo Sentral Ng Pilipinas (BSP), to advise them as they design and set up local arrangements for open finance. The BSP recently issued a circular laying out a framework for the evolution of financial services innovation and inclusion. OBE will liaise closely with different stakeholders in the financial sector to:

  • Advise on the essential components and options for the design of open banking ecosystems.
  • Help assess stakeholder readiness.
  • Support the development of an industry blueprint for open banking and open finance in the Philippines.
  • Conduct workshops and guide a newly formed industry group through a market building and decision process. 

John Broxis, Managing Director of Open Banking Exchange, commented: “We look forward to guiding the Philippines through this period of transformation. Our global expertise and track record of collaborating with stakeholders means we are well placed to advise the Philippines on how to create a successful open banking blueprint.”

An IFC spokesperson stated: “Open finance has the potential to expand access to financial services driving innovation and broader participation in the digital economy. Industry stakeholders will benefit from the practical experience of OBE as they seek to forge common arrangements that can propel the Philippine financial system into a new phase of dynamic growth.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post