UBX Philippines Corp., the financial technology arm of the Aboitiz Group, announced its participation in the pilot run of the Bangko Sentral ng Pilipinas’ (BSP) Open Finance PH.
UBX President and CEO John Januszczak boasted that the company is “well-positioned” to join the pilot run, “given its wealth of experience in open finance.”
Januszczak claims UBX can serve as the “backbone of open finance in the Philippines.”
“UBX was born out of the desire to drive financial inclusion to the unserved and the underserved—both in the consumer and enterprise spaces. This pilot is a huge step forward for the Philippines to achieve its real inclusion goals. As the leading open finance platform in the Philippines, we fully support the open finance pilot program of the BSP to accelerate progress for the Philippine economy,” Januszczak was quoted in a statement as saying.
The BSP defines open finance as the extension of data sharing principles, assigning greater control to customers over their own data and enabling third party providers with access to their data across multiple financial products and services.
In layman’s terms, participants in the ecosystem—from banks to non-banks as well as other financial service providers—can leverage new technologies such as application programming interface (API) to easily tailor their services for their customers.
With the pilot program, the BSP promises a more “responsive, inclusive, and responsible digital financial ecosystem that is characterized by innovation and permission-driven use of consumer data.”
All activities undertaken by the program will be under the supervision of the Open Finance Oversight Committee Transition Group (OFOC TG) of the BSP.
“Rest assured that the BSP will continue to strive for a regulatory environment that promotes the right balance between innovation, competition, and consumer protection. We also remain committed to establishing robust frameworks that protect the interest of all stakeholders. With Open Finance PH, we attained a big step in unlocking equal access to financial services for all Filipinos,” outgoing BSP Governor Felipe M. Medalla was quoted in a statement as saying.
“Seeing the BSP share the same goals as UBX brings us much joy. The integration of open finance as part of public policy is a welcome development that we at UBX have hoped for and have been working on for so long. Needless to say, we promise to give the BSP our full cooperation and support for the success of this program,” Januszczak said.