Person A has no credit history, and so, banks have never been keen on them. But A can now show e-wallet transactions to get loans.

Person B, a ride-hailing driver, is now getting financial services by sharing data on daily rides and their income.

A small merchant, Person C, can access loans from banks by sharing how much they’ve sold via e-commerce platforms like Tokopedia.

This is the world of open finance, which allows third-party providers to securely access consumers’ financial data—e.g. account balances, income, expenses—with their consent via APIs or application programming interfaces.


Jum Balea

Jum is a Manila-based reporter for The Ken, where she covers startups and business across Southeast Asia, with a focus on the Philippines. She previously was editor for Tech In Asia, and business editor for Philippine media companies Rappler and ABS-CBN.

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