sixth year. this takes into account the current level of maturity and infrastructure, the readiness of the financial sector, requirements for capacity building, and complexities in promoting collaborative engagements. by the way, there are many things that will not happen. suppose i need a surgeon. what i do is i call my sister who is a doctor, and she calls her friends to find a doctor. in this particular case, when things are very idiosyncratic and the level of trust is extremely important, openness is achieved by word of mouth, relationships, or you, trusting somebody to refer you to somebody properly. 2 / 4 bis - central bankers'speeches therefore, we cannot avoid these issues. are we ready? an even more important question [ is ] : is the regulator ready? as you can see, one big problem in open finance is : are you really sure that this is the same person that you are lending to? does this person have a good record? next stage of the open finance journey there are several stages of the pilot. the pilot preparation phase is where standard definitions happen. during the infrastructure preparation phase, participants prepare their respective infrastructure. in some cases, some infrastructures are common to share, or what we economists refer to as " public goods. " in the pilot testing phase, participants - which will either be banks, emis [ electronic money institutions ], or payment system operators - are expected to exchange data among themselves via apis. the pilot implementation will focus on the following use cases : statement sharing or account aggregation, account opening, and e - kyc [ electronic know - your - customer ]. is it not wonderful if data about your good record of always paying your electricity bill on time, your water bill on time, all of those things will clearly show that you are a low - risk borrower and, therefore, deserves low - interest rates? now, of course, as we all economists know, when you cannot tell the difference, you charge everybody the same risk and hope that the risks will cover defaults. the problem with that system is that you are scared of somebody willing to accept a higher rate because he is more desperate. therefore, you are left with the guy that nobody wants, and the risks are even higher. maybe, i should charge even more than what is being charged. i think, the credit card business is littered with such examples. the less - skilled players get the " dregs. " despite the fact that they are

sciences and randomized control trials in financial inclusion research and program design – are helping us find pioneering solutions to increase access and usage of financial services by financially excluded markets. paymaya, inc. ( formerly smart e - money inc., a bsp - licensed e - money issuer ) launched the paymaya card with nsfi in mind. it is now working with dep - ed to find ways to encourage savings among k - 12 students. globe telco is also currently working with the financial sector forum ’ s consumer protection and education committee to facilitate information dissemination and enhance consumer protection. two weeks from now, bpi foundation and aski global ltd. ( non - profit engaged in entrepreneurship coaching for migrant workers ) will conduct a financial inclusion summit on the role of remittances and migrant workers in inclusive growth. all these initiatives were coordinated with the bsp, and purposely linked with nsfi objectives, or facilitated thru the nsfi collaborative platform. we are also pleased to share that the asian development bank ( adb ) and the world bank ( wb ) have committed resources to support various nsfi elements. for example, adb will focus its technical assistance on strengthening microfinance ngos ; deepening agricultural value chain financing ; and promoting e - payments, digital financial services and microinsurance. bis central bankers ’ speeches meanwhile, the wb will focus on sme finance, financial education, consumer protection, and data and measurement. in fact, the bsp and wb technical teams will meet this week to define a practical approach for monitoring and measuring progress of nsfi implementation. your inputs today in this particular area would be most helpful in that meeting. aside from the afore - mentioned initiatives, a variety of private businesses and entities have reached out to bsp, wishing to determine how they can engage in nsfi implementation. these entities include technology providers, financial education program implementers, and even a consumer goods manufacturer. their expression of interest to contribute to financial inclusion is clear proof of boundless possibilities for public and private sectors to work together. thus, we designed this event with the third objective in mind. networking opportunity this is a networking opportunity, and we encourage everyone to get to know key nsfi stakeholders and industry players. we have a good mix present – nsfi agencies, development partners and donors ; bank and non - bank financial service providers and their associations ; technology companies and other service providers. among yourselves, there is a wealth of complementary experience, expertise and resources