This is AI generated summarization, which may have errors. For context, always refer to the full article.
A strong open finance framework could give Filipinos more control over their financial data, help more people access formal financial services, and give lenders a fuller picture of borrowers, potentially bringing down loan costs
MANILA, Philippines – Millions of Filipinos now use e-wallets to pay electricity and internet bills, buy groceries, send money, and receive payments from customers or freelance clients. But much of that financial history may count for little when they apply for a loan – simply because it never appears in traditional bank or credit records.
This is one problem that open finance is supposed to solve.
Filipinos already leave a long digital trail showing how they earn, spend, save, and pay. But that information is often scattered across banks, e-wallets, insurers, investment platforms, and other financial companies that do not necessarily speak the same digital language.
