The Bangko Sentral ng Pilipinas (BSP) has created an interim transition group ahead of a pending industry-led open finance oversight committee (OFOC) that will come up with standards for data sharing among financial institutions.
The BSP in a circular Friday said the interim group will lead the creation of the formal committee, and it will facilitate the development of policies and standards.
Such standards include participation arrangements, technical standards, and other common guidelines.
“The (transition group’s) role in policy and standard development shall extend to its pilot implementations under the Open Finance regulatory sandbox,” according to circular letter 2021-090.
The BSP will appoint transition group members that will represent industry groups including universal and commercial banks, thrift banks, digital banks, e-money issuers, operators of payment systems, and the financial technology industry. Membership may be changed as approved by the BSP.
The transition group will carry out its responsibilities until the formal committee has been established, and may be in place for up to two years.
The BSP has said that it hopes to finalize OFOC membership within the year.
The central bank in June released Circular 1122 or the open finance framework, which allows for customer consent-driven data sharing among institutions that follow the same data security standards. – Jenina P. Ibanez