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Experts point to Digital Privacy and Safety as key aspects of Open Finance in the Philippines

Open Finance has been pushed as the next big thing to empower underserved and underbanked Filipinos. This is the consensus among leaders in finance.
Experts point to Digital Privacy and Safety as key aspects of Open Finance in the Philippines
Open Finance Philippines 2022

What is Open Finance for Filipinos?

The leaders who spoke during Open Finance Philippines 2022
The leaders who spoke during Open Finance Philippines 2022

During a virtual stakeholder meeting and thanksgiving celebration hosted by World Fintech Festival, Digital Pilipinas Movement, and Fintech Philippines Association, new champions have emerged as the country moves toward a digital economy, positioning Open Finance as a vital pillar that can bring financial inclusion to millions of Filipinos.

Wick Veloso, President of the Philippine National Bank (PNB) and the Philippine Bankers Association (PBA), emphasized customer-centricity as a guiding principle of Open Finance to "allow banks and other financial providers to better serve their customers." 

Jojo Malolos, President of digital bank GOTyme, chimed in his agreement stating that organizations and banks have to give each customer opportunities including underbanked and underserved Filipinos such as farmers.

Edison Tsai, Partner and Executive Director of Seedin Technology explained Open FInance's major benefits. He stated that, first, Open Finance empowers consumers by giving them better control over their financial data. Secondly, it also allows financial providers or third-party providers to better create solutions and services that are more catered to consumer needs.

Concerns about consumer data privacy and security, on the other hand, are constantly at the forefront of discussions about Open Finance, which allows banks and other businesses to share customer information with third-party suppliers. In this atmosphere, Veloso emphasized that information should only be shared with the customers' consent, as they are the owners of their personal and financial data.

Commissioner Raymond Liboro of the National Privacy Commission also emphasized that protecting their data privacy can strengthen consumers' trust in companies. In addition, transparency to the data they are sharing, transparency on who might use that data, and the purposes that data may be used can also help strengthen trust as well.

In conclusion, further adaptation of Open Finance in the Philippines relies on strengthening trust as well as digital privacy and safety.

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