An app designed to help Filipinos plan for a financially secure retirement emerged as the best proof-of-concept (POC) at the “Race to the Future: The Open Finance PH Hackathon,” organized by the Bangko Sentral ng Pilipinas (BSP) in collaboration with the International Finance Corp. (IFC).
The hackathon took place from July 15 to August 7, 2024 and aimed to promote innovative solutions in the context of Open Finance.
The winning app, called Pensyon PH, was developed by Team Atram. The platform is designed to help users estimate how close they are to their financial retirement goals and provides personalized advice and educational resources to help them achieve those goals. The Pensyon PH app provides customers and employers with a seamless platform to manage Personal Equity and Retirement Accounts (PERA). The app leverages open finance principles, enables consensual data sharing, and encourages collaborative partnerships between financial institutions that adhere to strict data security and privacy standards.
“Open finance is best implemented in harmony with the industry, and this hackathon provides great examples of open, interoperable and scalable applications that can meet the evolving needs of Filipino consumers,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.
Use cases for Open Finance
At the hackathon, participants were presented with three key use cases for developing solutions: next-generation financial management through account aggregation, removing barriers to lending to SMEs, and innovations in digital payments.
Pensyon PH addressed the first of these use cases and stood out among the 37 POCs submitted for the first round of judging on July 30, 2024. The best teams were invited to present their solutions to the jury during the demo day on August 7, 2024.
Team Atram, consisting of Bea Charmelyn T. Lambitco, Jan Franz A. Palngipang, Aaron Lemuel C. Reyes and Alvin G. Usigan, received an all-expenses-paid trip to the Singapore Fintech Festival in November 2024. There they will have the opportunity to learn from global fintech experts and potentially further refine their winning concept.
You might also like
