OPEN finance has the potential to revolutionize the financial industry by democratizing access to credit for the unserved and underserved segments in the Philippines, according to the president of UBX, the driver of digital transformation in the Philippines.

During his talk at the Digital Banker's South East Asia Tour, UBX President and Chief Executive Officer John Januszczak emphasized that open finance can unlock credit by leveraging non-traditional data that focuses on measuring character and credibility instead of credit scores, which are traditionally driven from banking transactions.