October 26, 2023, Makati City: In a significant development that promises to drive innovation in the financial sector, the New Rural Bank of San Leonardo (N.E.), Inc. (NRBSL) and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) have officially inked a Memorandum of Understanding (MoU), a groundbreaking endeavour set to transform the development financial landscape.

This partnership aims to solidify their cooperation and provide a clear framework for joint projects and activities within the scope of the ADFIAPNET Open Finance Initiative.

Under this MoU, NRBSL and ADFIAP are committed to co-designing and implementing projects, training, and development programs that center on Open Finance within the Asia-Pacific region starting in the Philippines. These initiatives are poised to drive advancements in the financial sector and contribute to regional economic growth.

ADFIAP, through its open finance experts, will provide NRBSL with a shared infrastructure optimized for hosting a core banking system that is specifically tailored to the open finance requirements of ADFIAP member banks. This infrastructure will ensure seamless integration with payment gateways while adhering to stringent messaging format, security, and service quality standards. The open finance standardized core banking system will be provided at no cost to all ADFIAP members, upon request.

For more information about the ADFIAPNET Open Finance Initiative please email [email protected].