The Bangko Sentral ng Pilipinas (BSP) announced that it’s creating rules for “digital marketplace” to push innovations between financial service providers (FSP), electronic issuers (EMI), and banks.
Governor Benjamin E. Diokno of the BSP said that the digital marketplace is part of the BSP’s efforts to promote innovations in the country’s banking and payments system.
The said digital financial marketplace model is tied to the “open finance framework” that enables the sharing of financial data of customers who give their content. The goal is to create innovative financial solutions to give people’s needs.
“The BSP is crafting rules that will allow covered banks and EMIs to establish a digital marketplace where they can partner with FSPs to develop and offer a wide array of financial products and services to consumers under a one-stop-shop platform,” the BSP governor said.
He added that they expect the arrangement to promote a more “competitive environment that will ultimately benefit financial customers”.
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According to the BSP, the digital marketplace recognizes the customer’s right to pick their chosen product offerings. With this, banks or EMIs will be responsible for giving clients the necessary information that will help them make informed choices.
Financial services to be offered include retail loan products such as credit cards, mortgage loans, salary loans, motor vehicle loans, and consumer credit for other purposes.
Also included are other retail financial products such as debit and cash cards and other related products. Plus, collective investment schemes or pooled investment funds such as mutual funds and unit investment trust funds, and retail insurance products. There are also financial services or products as authorized by the monetary board.
Those said services or products should be approved or registered by the right regulatory authorities.
Diokno said that they are coordinating with relevant stakeholders and financial regulators to make sure the proposed digital financial marketplace model works with existing laws, rules, and regulations.
“We remain steadfast in our commitment to foster innovative regulations while maintaining the stability of the financial system and upholding consumer rights,” Diokno added.
Source: Business Mirror