The Banko Sentral ng Pilipinas (BSP) just announced that it is crafting rules to establish a “digital marketplace” in the Philippines.

“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. This arrangement is expected to promote a more competitive environment that will ultimately benefit financial consumers,” BSP governor Benjamin E. Diokno said in a statement.

According to the central bank, the digital marketplace model is anchored on the Open Finance Framework, which allows the sharing of financial data of consenting customers to create innovative financial solutions that cater to their needs.

“This arrangement is expected to promote a more competitive environment that will ultimately benefit financial consumers,” Dioko said.

In the said digital marketplace, the following financial products will be offered:

• Retail loan products: home mortgage loans, credit cards, motor vehicle loans, salary loans, and consumer credit for other purposes. 
• Retail financial products: cash cards, debit cards, and other related products.
• Retail insurance products, collective investment schemes, or pooled investment funds: mutual funds, unit investment trust funds, and the like.
• Other financial products or services as may be authorized by the BSP.

According to BSP, these financial products or services should be duly approved or registered by the appropriate regulatory authority.