Analysis of Open Finance Opportunities

• Country: Philippines
• Summary: Analysis of Open Finance Opportunities
• PHT Ref No: 76147768
• Deadline: 19 Dec 2022
• Financier: World Bank (WB)
• Purchaser Ownership: Government
• Tender Value: Refer Document
• Notice Type: Tender
• Document Ref. No.: 1284035
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• Description:
• Expression of Interest are invited for Analysis of Open Finance Opportunities in the Philippines. Publication Date: 13-Dec-2022 Expression of Interest Deadline: 19-Dec-2022 ASSIGNMENT DESCRIPTION: - The Bangko Sentral Philipinas (BSP) has articulated a policy framework for open finance to address inefficiencies in the market, bolster access and interoperability and thereby contribute to a broader set of initiatives to enhance access to finance and the competitiveness of the financial sector. The policy framework for open finance was defined in a BSP Circular 1123 issued in July 2021. This Circular foresees the creation of a self-regulatory organization under the name of the Open Finance Oversight Committee (OFOC). This entity is charged with defining the rules, standards, guidelines and arrangements necessary to support open finance in the Philippines. The key goal of this project is to develop a series of analytical and market engagement pieces, with the ultimate goal to support the BSP and the industry to increase their awareness of specific tangible opportunities stemming from Open Finance arrangements. IFC is seeking to engage the services of an independent firm to develop the following deliverables: (i) Analytical Research: 1) Cataloguing of an extensive list of potential services that can be enhanced or enabled by Open Finance: The firm will be expected to conduct secondary and primary research to list a full range of financial services that can be enabled by open finance. These will be defined in the early stages of the research assignment and will include, but not be limited to Account Information Services (Account Aggregation, Credit Decisioning, Lending, Account Platform Integration, etc.), as well as Payment Initiation (Wallet Top Ups, Government Payments, Remittances, etc.). The firm will be expected to go through a three stage process to develop a catalogue of services and business models the build on open banking and finance architectures. The three stages are a. Develop a long list of relevant services and provider from a survey of markets to be agreed upon mutually with IFC b. Prioritize and develop a short list of services and providers for which the firm will develop more in-depth documentation of the business cases, operational features and perquisites for each service; this shall follow a common template that is easy for participants to navigate and in which localization issues can be highlighted c. A final catalogue will be produced that can be used to inform business and product level discussion, education and development of open banking. 2) Gap Analysis: the firm will be expected to analyze the current financial landscape in the country, to map which companies are currently offering the selected services, and if and how they could be enhanced by the establishment of an Open Finance framework. The consultants will also be expected to analyze which services are currently lacking in the Philippines environment, and if and how they might be enabled by Open Finance (i.e., Open Insurance, Embedded Finance, etc.). The firm will be expected to develop recommendations on financing structures for identified services enabled by open finance, as well as a list of entities that would be most relevant for each selected service 3) Feasibility and Opportunity Analysis: for the selected services, the firm will be expected to provide a feasibility and opportunity analysis in terms of potential users, transactions and impact on the end users.
• Documents:

 Tender Notice