Regulators, fintechs push open finance to widen credit access

Regulators, lawmakers and fintech executives gathered in Manila on 26 February for a lending industry roundtable focused on expanding access to affordable credit through stronger data infrastructure and responsible lending standards.

The event, titled “Putting the Customer First: How Regulators and Fintechs Can Expand Safe, Reliable Financial Access,” brought together industry leaders from Salmon, Billease, LenderLink and ADVANCE.AI/ADVANCE.CBP, alongside policymakers and regulators.

Participants agreed that widening credit access requires strengthening the foundations of responsible lending, with improved data-sharing systems emerging as central to delivering more inclusive financial services.

The key takeaway from the discussion was that providing lenders with secure, consumer-authorized access to transaction data — from banks and insurers to utilities, retailers and airlines — is essential to expanding responsible access to credit. With regulator-mandated standards for security and authorization, this data enables more accurate risk assessment while maintaining prudent underwriting standards.

Regulators back open finance push

Securities and Exchange Commission Commissioner Rogelio Quevedo said the agency is exploring systems that would allow credit information to be shared more effectively among regulated institutions.

“The SEC is at the forefront of strengthening credit regulation, and we are actively exploring systems that allow credit information to be shared more effectively among regulated institutions,” Quevedo said. “We are also studying the use of technologies to strengthen borrower identity and data integrity. When lenders lack reliable credit history, risk premiums increase. Improving information sharing can help address that gap and support more affordable, responsible lending,” he added.

House Committee on Higher and Technical Education Chair Jude Acidre cited the filing of the proposed Philippine Open Finance Act as a key legislative milestone, describing it as both a financial reform and a social equity measure that could benefit students, educators and workers.

Industry expert Chuchi Fonacier, reflecting on her experience as former deputy governor of the Bangko Sentral ng Pilipinas, said expanding access to credit remains a pressing challenge.

“Financial inclusion has improved but this could be further worked on. While inclusion is often measured by account ownership, the bigger challenge is expanding access to credit. Open finance – and the proposed legislation supporting it – can help address this gap,” Fonacier said.

Industry pushes for standardized APIs

Private sector leaders underscored the need for secure, standardized and permissioned data-sharing systems.

“Creditworthiness is no longer defined solely by past loans,” said Raffy Montemayor, Co-Founder of Salmon. “Everyday financial signals – mobile usage, utility payments, loyalty programs, even gym memberships – can help distinguish reliable payers from risky ones.”

“The real challenge isn’t customer willingness; people are open to sharing their data. It’s the absence of a standardized, secure framework, with government-mandated participation from institutions. Without clear rules and required participation, valuable data remains siloed, limiting responsible access to credit and slowing true financial inclusion,” he added.

Pavel Fedorov, also Co-Founder of Salmon, emphasized the importance of secure API access to operationalize open finance.

“secure and standardized API access to customer transaction data is fundamental to operationalizing the Open Finance Framework. Customers must be able to securely direct their machine-readable data to financial service providers of their choice,” he said.

Fedorov pointed to Cambodia as an example of how regulator-enforced data-sharing frameworks can expand credit access, noting that mandated API access under the supervision of the Central Bank of Cambodia has helped translate policy into measurable outcomes.

“As the example of Cambodia shows, borrowing rates are to go down many fold when individuals are empowered to securely share their transaction data from institutions it is currently locked in,” he said.

Georg Steiger, CEO and Co-founder of Billease, said scalable infrastructure is critical.

“Real-time, frictionless access to data is no longer optional – it's essential for trust and growth,” Steiger said. “APIs already power the financial ecosystem and every modern application in the market – so technologically, building this is not complex. The real challenge is ensuring that they are secure, standardized, and permissioned. Only then can innovation keep pace with risk while delivering real benefits to businesses and consumers alike.”

Christo Georgiev, Co-founder and CEO of LenderLink, described his platform as a working example of open finance in practice.

“We built this in the spirit of the BSP’s Open Finance framework, with minimal regulatory support. Looking ahead, clearer regulations for data service providers, standardized consent mechanisms, and APIs across financial institutions would accelerate this further,” Georgiev said.

Michelle Anne Chan, Country Manager for ADVANCE.AI and ADVANCE.CBP, highlighted artificial intelligence as a key enabler.

“Ultimately, AI will bridge all of this. From risk-averse onboarding to maximizing of consolidated credit data sources – AI serves as the engine that drives speed, strengthens security, and ensures sustainable financial health for the industry. This enables Filipino lenders to assess more accurately, expanding financial inclusion while safeguarding ecosystem integrity.”

The roundtable concluded with participants committing to move from policy frameworks toward coordinated implementation to expand safe and affordable credit access nationwide.