Fintech group wants industry-crafted rules
BW FILE PHOTO THE CENTRAL BANK should allow market players to develop their own open finance framework, with the Bangko Sentral ng Pilipinas (BSP) only providing support when needed in the process, an industry group said. Through open finance, permissioned data sharing and third-party access is extended to a wider range of financial sectors and products in a bid to ramp up digitization and to introduce new financial products for consumers. “The BSP should only step in to weigh in and remove artificial barriers to competition such as refusal to interconnect systems or share information and c...
Source: bworldonline.com