BSP, IFC Hackathon Generates Ideas for Open Finance PH

An app that can help Filipinos plan for a financially secure retirement emerged as the top proof-of-concept (POC) at Race to the Future: The Open Finance PH Hackathon conducted by the Bangko Sentral ng Pilipinas (BSP) in partnership with the International Finance Corporation (IFC) from 15 July to 7 August 2024.

To support Open Finance, hackathon participants developed solutions for three use cases: (1) next generation financial management through account aggregation, (2) reducing barriers to MSME lending, and (3) digital payments innovation.

Race to the Future kicked off with a public webinar held on 25 June 2024, where over 150 interested participants learned more about the event. This was followed by the Opening Ceremony on 15 July 2024 attended by 51 participating teams from banks and non-bank financial institutions, IT services, financial technology companies, operating payment systems, trust companies, and government offices. Out of these teams, 37 submitted their POCs on 30 July 2024 for the first round of judging, and the top teams were invited to present to the judging panel on the Demo Day on 7 August 2024.

Members of the judging panel include:

• BSP Monetary Board Member Romeo Bernardo;
• Insurance Commission Director Paola Gabrielle Matanguihan;
• Securities and Exchange Commission Assistant Director Paolo Montano Ong;
• Better than Cash Alliance Southeast Asia Lead Isvary Sivalingam;
• Alliance for Financial Inclusion Policy Specialist Jeanette Moling;
• BSP Managing Director Eugene Teves; and
• IFC Operations Officer Sagar Siva Shankar.

​The winners, Team ATRAM, developed a platform named Pensyon PH which aims to help users achieve a financially secure retirement. Pensyon PH (1) enables end-users to project how far a future retiree is from his/her financial goals, (2) provides tailor-fit advice and educational resources on how to best reach their retirement goals, and (3) gives customers and employers with a seamless platform for managing their Personal Equity and Retirement Accounts. Pensyon PH leverages on Open Finance, which enables consent-driven data-sharing and the collaborative partnerships among financial institutions that adhere to the same standards of data security and privacy.

Team ATRAM is composed of Bea Charmelyn T. Lambitco, Jan Franz A. Palngipang, Aaron Lemuel C. Reyes, and Alvin G. Usigan. The team won an all-expense trip to the Singapore Fintech Festival in November 2024, where they have the chance to learn from global fintech experts.

The following finalists also had the opportunity to present at Demo Day:

• “Money PH,” a mobile wallet with functionality for account aggregation by Bank of Philippine Island’s (BPI) BPInnovators team composed of Uly Alfred G. Banares, John Ernesto D. Inong, Aristotle G. Guardacasa, and Rey C. Peñaranda;
• “ACReS: Alternative Credit Reporting System,” a platform which provides consumer credit ratings based on the financial health of businesses by BPI JoJoJoJu Inc’s team, composed of Joshua R. Castillo, Juwaln Diego D. Descallar, Joseph Karl C. Salva, and Joseph Paulo G. Tacorda;
• “Maxmin,” an application that enables automated risk management in personal finances and identification of financial products to serve consumers’ best interests by Gxchange’s Ginnovators team composed of Francis S. Adoremos, Lester N. Manuel, Bernardo T. Tolosa, and Ronnel B. Valencia;
• “Mayani Smart Crop Financing,” a platform for fusing technology and collaborative partnerships with stakeholders to enable agri-financing by Mayani, Brankas, and Netbank’s team composed of Joseph Carl Dakila, Timothy Stephen Julian, Emilio Kusmajadi, and Teril Katherine B. Siy;
• “BuxPocket,” an application that integrates multiple accounts and sources to enable cross-platform funding for payments by the UBX team composed of James Steven P. Aguilar, Francine Nicole A. Bharwani, Jose Alfonso A. Reyna, and Wilson P. Talentino;
• “OpenNegosyante,” a platform which provides a dashboard for viewing a business’ finances and allows for payments by the UnionBank team composed of Lauro D. Atienza, Jr., Jaime P. Garchitorena, Zennon Jean S. Gosalvez, and James Timothy P. Roxas; and
• “Kredo: Credit for All Filipinos,” a platform for a more secure and informed peer-to-peer lending by the Wirefield and City Government of Baguio’s Kredo PH team composed of Joshua Bascos, Cristina Macaraig, and Thor Remiendo.
• During the Demo Day, BSP Deputy Governor Chuchi G. Fonacier emphasized that the BSP promotes innovations in the financial system while remaining committed to safeguarding customer rights, privacy, and data security, even as it remains vigilant against risks to financial stability.

The hackathon was able to generate industry awareness on Open Finance-enabled use cases through the creation of novel and innovative POCs that provide concrete examples of the new opportunities that Open Finance brings to both industry players and consumers alike.

“Open Finance is best implemented in tandem with the industry and this hackathon offers great examples of open, interoperable, and scalable applications that can address the evolving needs of Filipino consumers,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines. “Congratulations again to this year’s winners and we hope to continue supporting more Open Finance initiatives for a fairer, more inclusive, and more resilient financial ecosystem.”