Bringing Open Finance to Life: The Philippines Open Finance Hackathon
The “Race to the Future: Open Finance PH Hackathon” was more than just a tech competition; it was a gathering of creative minds, innovators, and passionate advocates for financial inclusion. At the heart of it was Ozone API, chosen to serve as the pilot administrator for the Philippines.
Ozone API has been a trusted partner in making open banking a reality, from providing the technical backbone through the model bank to working behind the scenes on every detail, including the ceremonies celebrating the innovators. Ozone API was committed not just to facilitating the event, but to shaping its success.
The Purpose Behind the Open Finance Hackathon
At its core, the hackathon in the Philippines this year aimed to drive innovation in the financial sector and promote a more inclusive and accessible ecosystem in the region. Here’s what stood out:
- Shaping the Future of Open Finance: The hackathon provided an open stage for creativity, challenging participants to imagine how open finance could redefine financial services.
- Real-World Impact: Participants gained hands-on experience working with open finance APIs and other cutting-edge tools. This wasn’t just about theory—it was about turning great ideas into reality.
- Collaboration & Connections: It was a chance to work with leading players in banking, fintech, and regulation, opening doors to long-term collaborations and industry insights.
Highlighting the Stars of Innovation
The hackathon showcased a wide variety of incredible ideas, but Team ATRAM’s Pensyon (Pension) PH stole the show. Their platform helps users plan for a financially secure retirement by offering:
- Personalized advice on how to meet retirement goals,
- A seamless way for individuals and employers to manage retirement accounts, and
- A tool powered by Open Finance, ensuring privacy and security through consent-driven data sharing.
This innovative solution struck a chord because of its potential to help Filipinos secure their financial futures—a powerful reminder of how open finance can positively impact lives not just in the present, but also in preparation for retirement.
But they weren’t alone. The creativity from other finalists was just as impressive:
- Money PH by BPI’s BPInnovators: A mobile wallet that aggregates accounts for better financial management.
- ACReS by BPI JoJoJoJu Inc: A unique credit reporting system based on business financial health.
- Maxmin by Gxchange’s Ginnovators: A tool to help manage personal financial risks.
Why This Hackathon Mattered
This Open Finance Hackathon wasn’t just a hackathon—it was a milestone for the Philippines. For the first time, the Bangko Sentral ng Pilipinas (BSP) and International Finance Corporation (IFC) partnered to send a clear message: they are committed to making Open Banking and Open Finance a reality in the county and are looking to the banks and TPPs to make this a reality. The BSP’s participation reflected their dedication to fostering innovation while ensuring consumer protection. Meanwhile, the hackathon demonstrated the incredible potential that Open Finance holds for creating a fairer, more inclusive financial ecosystem in the country.
In the words of Jean-Marc Arbogast, IFC’s Country Manager for the Philippines, “Open Finance is best implemented in tandem with the industry.” And this event proved that. It was a powerful example of how collaboration between developers, financial institutions, and regulators can bring scalable solutions to life—solutions that benefit everyday Filipinos.
Ultimately, this hackathon wasn’t just about technology—it was about building a community. It was about creating an environment where innovative ideas could thrive, and where people from diverse backgrounds could unite in shaping a more inclusive financial future. It was a collaborative effort to drive meaningful change. Through innovation and partnerships, Ozone can take the lead in being a catalyst for this change, driving the creation of a more inclusive, resilient financial ecosystem in the Philippines—and, before long, expanding our reach across Asia.
