Description
BSP Circular 1122: Open Finance Framework
Objective. To discuss the salient features of Circular No. 1122.
1. Brief Description:
The Open Finance Framework, encapsulated in BSP Circular 1122, unlocks a wealth of opportunities for all participants in the financial ecosystem. It paves the way for bank customers and Micro, Small, and Medium Enterprises (MSMEs) to access a diverse range of products and services tailored to their unique needs. This includes customized payment options and highly personalized investment advice.
Simultaneously, banks, fintech startups, and other third-party providers stand to benefit from a more efficient credit risk assessment process. This efficiency can lead to cost reductions and the creation of new revenue sources, thereby enhancing customer lifetime value.
The Open Finance Framework is designed to put customers in the driver’s seat when it comes to their personal and financial data. It stimulates innovation, promotes financial inclusion, and ensures the stability and integrity of the financial system.
This webinar is intended to shed light on the key aspects of the Open Finance Framework. It will explore its potential to spur the creation of responsive financial products and services. Additionally, it will discuss the implications of this framework for financial institutions and customers.
Course Outline:
- Policy Objective
- Coverage
- Salient Features
- Action areas
- Q&A
Date/Schedule:
December 13, 2023 (Wednesday)
1:00 PM – 3:30 PM
Resource Speakers from the
Technology Risk & Innovation Supervision Department,
Bangko Sentral ng Pilipinas:
Ms. Jovelyn M. Hao
Deputy Director
Mr. Anatoly D. Gusto
Bank Officer V
Training Fee per Participant:
Member Institution – P 2,800.00
Non-Member Institution – P 3,920.00
**VAT Inclusive