develop financial products and services that are tailored to the needs of end - users. as we move towards the post - covid - 19 economy, it is important that regulators and the private sector collaborate to utilize innovations like open finance not just to broaden the range of digital financial services and businesses that can be gained from all the available information. rather, open finance should serve, together with our other digitalization efforts, to improve the welfare of every citizen, especially the poor, the marginalized and the unbanked, as we strive towards a truly inclusive recovery. thank you and good day! 2 / 2 bis central bankers'speeches

benjamin e diokno : driving inclusion and digital transformation through open finance speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the singapore fintech festival, 11 november 2021. * * * a pleasant day to everyone! thank you for this opportunity to share insights on the role of open finance in driving inclusion, innovation, and customer - centricity. open finance deserves particular attention among policymakers and the private sector. when developed and implemented in a responsible way, open finance can unlock gateways towards rapid digital transformation and wider financial inclusion. we, at the bangko sentral ng pilipinas, view that the essential features of open finance can foster responsible data - based innovations that can advance financial inclusion through the development of customer - centric financial products and services. the first essential feature of open finance is consent - driven data portability. under the open finance framework, consumers are recognized as owners of their transaction data, empowering them to grant access and share their data to financial institutions and thirdparty participants of their choice. the second feature is interoperability and collaborative partnerships. open finance will involve collaboration and data sharing among incumbent financial institutions and new third - party players such as banks, non - bank electronic money issuers and operators of payment systems. the diversity of participants provides alternative sources of consumer data beyond conventional banking transactions such as utility and bills payments, investments, and insurance choices, providing a rich digital footprint of customer behavior and service needs. lastly, open finance shall result in the development of customer - centric products and services. gaining access to multiple sources of data covering a wide range of transactions will enable industry players to gain a deeper insight into customer preferences and behavior. this, in turn, will lead to the development of a more diverse, and more responsive suite of financial products that are tailored to the needs and preferences of consumers and businesses, thereby reinforcing financial inclusion. open finance can be a powerful tool for the bsp to achieve its main strategic objectives under its digital payments transformation roadmap of transforming 50 percent of the volume of retail payments into digital form and onboarding 70 percent of adult filipinos in the formal financial system by 2023. as of end - 2020, about 20. 1 percent of monthly retail payments volume in the philippines are already in digital form and we are confident of achieving our target to reach 50 % by 2023. building on this