Payment gateway operator Xendit Philippines Inc. announced its participation in the Open Finance Pilot of the Bangko Sentral ng Pilipinas (BSP) as both a provider and user of application programming interface (API) technology.
In this capacity, Xendit aims to leverage its startup prowess to build financial infrastructure that facilitates the free flow of data among its existing partners and other stakeholders, contributing to the development of an open finance ecosystem.
Financial institutions can utilize this infrastructure to address challenges such as process efficiency, long approval periods, online availability, and overall accessibility.
The BSP envisions open finance as empowering consumers to consent to the use of their personal and financial data, gaining better access to credit and other financial products and services to uplift their lives.
According to Xendit, the BSP emphasizes that this permissioned-access data can enable financial institutions to create more customized financial products and services, accelerating financial inclusion in the country and providing visibility to the unbanked and micro, small, and medium enterprises.
Xendit’s Product Innovation Head, Jon Trinidad, stated that their participation in the Open Finance Pilot aligns with the company’s mission of building digital infrastructure with a network effect.
Trinidad envisions creating a toolbox accessible to anyone, anywhere, enabling the utilization of its contents to solve various problems.
He emphasized their commitment to using technology to democratize services and ensure inclusivity, particularly for smaller financial institutions and the unbanked and underserved Filipinos.