Central Bank works on financial inclusion initiatives

Central Bank works on financial inclusion initiatives
Business.

The Bangko Sentral ng Pilipinas (BSP) is ramping up its financial inclusion efforts by exploring uses for Open Finance, measuring financial health, collecting data on the pricing of digital payments, and supporting a legislative measure on internet access.

These are priority initiatives that the BSP and the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Her Majesty Queen Máxima of the Netherlands, discussed during her official visit to the Philippines from May 21 to 23, 2024.

The BSP will explore Open Finance use cases that promote financial health, which includes enabling consumers to seamlessly open savings, insurance, pension, and retirement accounts.

Open Finance supports financial inclusion by leveraging data that consumers agree to share with financial institutions and third-party providers to develop innovative financial solutions and tailor-fit products and services to their needs.

The BSP is also developing an index that will allow it to measure and formulate policy interventions on financial health.

The index will be aligned with the UNSGSA’s definition of financial health. / PR

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