Open Banking in Philippines

The Bangko Sentral ng Pilipinas (BSP) is implementing an ambitious Open Finance Framework that goes beyond traditional open banking to cover e-money operators, insurance, and securities. The BSP issued Circular No. 1122 in 2022, establishing the regulatory principles and guidelines for open finance.

The framework aligns with the BSP's Digital Payments Transformation Roadmap, which aims to digitize 50% of payments and bring 70% of Filipino adults into the formal financial system. Open finance is seen as a key enabler of financial inclusion in a country where many citizens rely on e-money services like GCash and Maya.

The Philippines' large, young, and digitally active population creates significant demand for innovative financial services. The BSP's progressive regulatory approach and the success of existing digital payment platforms provide a strong foundation for open finance development.