Philippine Open Finance Act Promises Better Financial Access for Students

Philippine lawmakers are backing the proposed Open Finance Act to improve financial accessibility across the country’s higher education system.

The Tingog Party-list recently aligned with the Bangko Sentral ng Pilipinas and various financial technology firms to support the legislation, which aims to provide students, faculty, and administrative staff with wider access to financial tools.

The measure seeks to create an interoperable and consent-based framework for sharing financial data.

The proposed legislation requires the use of secure application programming interfaces and upholds consumer data rights under current privacy regulations.

These strict measures are designed to stimulate market competition without compromising user information.

The academic community stands to benefit immensely from this newly proposed system.

It could provide students who lack traditional banking histories with much-needed access to educational loans, micro-savings, and digital wallets.

Academic staff would gain improved access to fair credit to fund their ongoing professional development.

Meanwhile, state universities could adopt this innovative framework to efficiently manage payroll and distribute scholarships.

Emphasising the link between these two sectors, Tingog Party-list Representative Jude Acidre stated:

He noted that granting the academic community fair access to digital financial platforms helps dismantle structural barriers that hinder educational and professional progress.

Featured image: Edited by Fintech News Philippines based on an image by namrashahid20 via Freepik.

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