Congratulations to Gorriceta Africa Cauton & Saavedra Managing Partner Mark Gorriceta for being selected as part of the Open Finance Oversight Committee Transition Group of the BSP, representing the Fintech Sector – Fintech Alliance and Fintech Philippine Association.
The BSP formed the Open Finance Oversight Committee Transition Group (OFOC-TG) as the interim governing body to lead the establishment of an open finance ecosystem in the country. The members of the OFOC-TG, which will serve for a two-year term, have the responsibility to facilitate the initial policies and standards formulation. The Group will also support pilot implementations under the open finance regulatory sandbox.
Open finance will accelerate financial inclusion by improving access to credit and improving the tools that micro, small, and medium enterprises can tap. As defined by the BSP, open finance is the extension of data sharing principles, assigning greater control to customers over their own data and enabling them to allow third-party providers access to their data across multiple financial products and services.
According to the BSP, Open finance “can offer both businesses and individuals better financial products and services (and) also provides financial institutions the opportunity to reduce their transaction costs, as well as the ability to better tailor their products to the evolving needs of customers.”
