The recent Open Finance Revolution Conference brought together industry leaders to explore the transformative potential of open finance and its impact on the future of financial services. The event saw over 300 participants and featured notable sponsors including IBM, Grab For Business, Xendit, PeekUpPay, Gorriceta Africa Cauton & Saavedra, Oradian, Boost Capital, and Dobin. Additionally, a raffle was held, with the exciting prize of an Apple Watch Series 7, adding to the event’s appeal.
The conference featured a range of today’s most important topics, from new business models in financial services and the components of the open finance ecosystem to the importance of data privacy regulations and fraud management. Highlights include keynote addresses on cross-border payments, a panel discussion on the complexities of today’s lending economy, and multiple sessions on the open finance techstack.
Security and Collaboration in Open Finance
Building trust within the open finance ecosystem requires robust security measures at every layer, from APIs to customer-facing platforms. The conference emphasized best practices for financial institutions and aggregators to ensure data protection and prevent fraud. The Deputy Privacy Commissioner highlighted that appropriate security measures are like brakes on a car, essential for making traffic a public good.
Collaboration is also crucial. Partnerships between banks, fintechs, and tech service providers are necessary for navigating integration challenges and developing innovative open finance solutions. By working together, these entities can build a more secure and efficient financial ecosystem that benefits everyone.
Embedded Lending: The Future is Now
The conference explored new technologies beyond APIs that are driving the creation of secure and seamless financial experiences. This paves the way for the development of next-generation financial platforms and embedded finance solutions. Open finance can unlock opportunities for underserved markets, especially smaller companies that need quick access to funds. Discussions on alternative data for credit scoring and reaching new customer segments revealed that fintechs will prioritize the fastest lender, not the biggest one.
Strategic Planning for the Future of Open Finance
Regulatory considerations are critical as open finance continues to evolve. The conference provided insights into navigating data privacy regulations and adapting business models within this dynamic landscape. Understanding emerging trends like embedded finance is essential for staying ahead. The Bangko Sentral ng Pilipinas (BSP) also discussed the upcoming Open Finance Hackathon in August, offering a practical application for the new sandbox by the next generation of fintechs.
Bangko Sentral ng Pilipinas Open Finance Hackathon
In a bid to foster innovation and practical applications of open finance principles, the Bangko Sentral ng Pilipinas, in partnership with the International Finance Corporation (IFC) and supported by the Government of Japan, announced the launch of “Race to the Future: The Open Finance PH Hackathon.” This event, taking place from July 15 to August 7, 2024, invites industry experts in technology, banking, and financial services to showcase innovative use cases enabled through open finance.
Participants will have the opportunity to develop and present proof-of-concepts that provide insights into how the financial industry can evolve with the adoption of an open finance ecosystem in the Philippines. The winning team will be awarded a trip to the upcoming 2024 Singapore FinTech Festival in November.
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Open banking is disrupting the financial industry. A Finastra survey of global financial entities shows that 3 in 5 banking professionals consider it a ‘must-have.’ Proponents of open banking believe it fosters competition, spurs innovation, and enhances consumer choice. Critics raise concerns about potential financial vulnerabilities and data security issues.
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