Open banking and open finance are two models that are now slowly taking over the financial sector, with the promise of revolutionizing banking and financial services like never before and acting as "a catalyst for the new wave in financial innovation."
This was the main point of discussion during the 14th edition of Union Bank of the Philippines' (UnionBank) virtual roundtable series E-TalkTales, which took place last June 28 via Zoom. The event was led by UnionBank's Fintech Business Group Head Erika Dizon as its main speaker.
In her presentation, Dizon explained that while open banking and open finance may differ slightly from each other—the former promotes data sharing on banking services, while the latter promotes data and capability sharing across the financial sector—the goal is the same, which is the creation of an open ecosystem.
