BSP Accelerate Innovation with "Race to the Future: The Open Finance PH Hackathon"

BSP invites all tech wizards, banking, and financial service experts to join in the race to the future of PH finance!             

 

bsp.gov.ph

In an unprecedented collaboration, the Bangko Sentral ng Pilipinas (BSP), in partnership with the International Finance Corporation (IFC) and supported by the Government of Japan, is thrilled to announce the launch of "Race to the Future: The Open Finance PH Hackathon!" This exciting event calls on industry experts in technology, banking, and financial services to showcase innovative use cases enabled through Open Finance.

An Invitation to Innovate

The BSP invites you to be part of this transformative journey from July 15 to August 7, 2024. This hackathon serves as a collaborative platform where BSP-Supervised Financial Institutions (BSFIs), FinTechs, third-party providers (TPPs), and other industry players can come together to develop and present groundbreaking proof-of-concepts (POCs). These POCs will offer insights into how the financial industry can evolve with the adoption of an Open Finance ecosystem in the Philippines.

Who Can Participate?

The hackathon is open to teams of 3-4 individuals representing their institutions. The program also welcome cross-institutional teams, allowing professionals from different organizations to collaborate and innovate together.

Key Use Cases

Participants are encouraged to use the Open Finance API sandbox provided by the organizers to confine their projects to the following transformative Open Finance use cases:

1. Next-Generation Financial Management: Develop tools that revolutionize personal and business financial management.

2. Reducing Barriers to MSME Lending: Create solutions that facilitate easier access to lending for Micro, Small, and Medium Enterprises (MSMEs).

3. Digital Payments Innovation: Innovate new methods to enhance digital payment systems.

Bag that Prizes and Opportunities!

The winning team will be awarded a trip to attend the 2024 Singapore FinTech Festival in November. This is a unique opportunity to gain international exposure and network with global industry leaders.

How to Register?

Registration is now open and ends on July 9, 2024. Interested teams can register here. Qualified participants will receive a confirmation email with further details and instructions.

For more details on the use cases and the event, you can refer to the Welcome Deck here. 

Be informed of the Timeline⤵️

 

    

                                                             

Embrace the power of Open Finance to innovate new customer experiences, revenue models, and industry ecosystems. Do not miss this opportunity to shape the future of finance in the Philippines!

See you in 2024 Singapore FinTech Festival !