SINGAPORE—UBX, the financial technology venture studio of the Aboitiz Group, is setting up a foundation to champion the development of an inclusive Open Finance Framework in the Philippines. READ:
Called the Philippine Open Finance Foundation, the institution aims to make the adoption of Open Finance as a technology that empowers Filipino consumers with the right set of financial tools and solutions for their needs.
Initiatives include advocating the inclusion of finance in the Philippine education system, dialogs with the relevant government institutions, especially the Bangko Sentral ng Pilipinas and the Department of Information and Communications Technology and strong collaboration with industry players to realize the benefits of Open Finance.
Open Finance enables participants to acquire customers at scale, develop solutions specific to the unbanked, underbanked, and growing businesses, and provide consumers with greater choice and control over their data
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