Gov’t should double down on open finance to hasten financial inclusion goals – ECCP-SCOFFI

The government ought to double down its initiatives on open finance, as it races to achieve its financial inclusion goals this year, according to the European Chamber of Commerce of the Philippines’ (ECCP) Special Committee on Open Finance and Financial Inclusion (SCOFFI).

As the new administration assures that it will prioritize digital transformation on a national scale, the ECCP-SCOFFI believes that it is high time that the government places more premium on the development of policies and the rollout of more open finance initiatives in the country. 

ECCP looking forward to working with new government to develop Open Finance, promote financial inclusion

The European Chamber of Commerce of the Philippines’ (ECCP) Special Committee on Open Finance and Financial Inclusion (SCOFFI) will support the new administration’s initiatives to promote financial inclusion and open finance. 

By reducing transaction costs through consent-driven data portability, interoperability, and collaborative partnerships among financial institutions and third-party providers (TPPs), open finance seeks to provide customers with a better banking experience. 

Under open finance, industry players are able to create customer-centric products and provide better access to critical financial services such as savings, insurance, and credit.

‘Empowering Pinays to drive economic growth’

The Philippines should prioritize the inclusion of women in the financial systems to empower them leading households, communities, and the broader economy towards a growth path that could generate greater gains for the country. 

During the Women and Tech: Inclusion and Empowerment Webinar hosted by the European Chamber of Commerce of the Philippines (ECCP), women leaders of open finance champion UBX, AI-powered finance platform Bixie, and humanitarian agency Catholic Relief Services (CRS) urged both the public and private sectors to empower women by including them in the country’s financial systems, as they are key to unlocking the growth potential of the economy.