Open Finance Framework, Bangko Sentral ng Pilipinas Office of the Governor Circular No. 1122, Series of 2021
The Open Finance Framework established the Open Finance Oversight Committee (OFOC) which is tasked to exercise governance over the activities and participants of the Open Finance Ecosystem, subject to the regulation of the Bangko Sentral ng Pilipinas. The framework requires the OFOC to issue guidelines in accordance with the Open Finance Standards which shall, at the minimum, cover the prescribed standards for Application Programming Interface Architecture, security and outsourcing.