Por favor verifica tu e-mail para tener acceso completo al Hub haciendo click al link enviado a youremail@gmail.com
Reenviar correo de verificación
💣 Viene el entrenamiento intensivo en pagos instántaneos más completo de Latam. Reserva tu cupo en nuestro Fellowship

How Latin American countries are embracing Open Banking implementation to digitise their financial systems?

May 15, 2020
Por
Leanna Reeves
Leanna Reeves
Journalist at Accountancy Age, Financial Director, and The Global Treasurer
📷
LFH
Effective since 2018, the implementation of Open Banking standards in the UK has established a model across the globe – particularly for ambitious Latin American countries looking to digitise their financial system.
Contenido para Usuarios 🔒

Last week, Brazil released its new open banking rules aimed at enabling data sharing and services among financials, payment institutions, and other organisations licensed by the Banco Central do Brazil (BCB) through a secure approach.

“All the UK experience sets the basis for other countries, like a benchmark. Brazil is following a similar path,” said Bruno Diniz, co-founder at Spiralem, during a panel discussion at the Open Banking World Congress this week.

“We shouldn’t look at the UK as ‘is at all you did’ – it has set a benchmark. We should learn and grow,” said Carlos Figueredo, CEO and founder of Open Vector.

Brazil’s open banking initiative will be gradually implemented from November 2020 to October 2021, offering a “much broader, open finance scope and concept of reciprocity,” said Huw David, CCO at Ozone API.

Market leaders including the UK have acknowledged the benefits and possibilities of open banking, leading other jurisdictions to follow. In Brazil, the BCB has followed the EU model as it agreed it was “the right way to go,” said Samee Zafar, director at Edgar Dunn & co.

The BCB has become the “key driver for the open banking implementation in Brazil,” said Figueredo, allowing countries such as Mexico to follow a similarly ambitious approach as “Latin America looks at Brazil.”

Mexico’s new fintech law announced by the National Banking and Securities Commission (CNBV) will tackle the country’s lack of noncash transactions in a bid to join the rapid global growth of open banking.

Mariana Velazquez, a former Mexican regulator, said the increasing trust in data safety has enabled a wide implementation of open banking rules across Latin America.

“Consumers receive communication with their banks, and they are insecure about the idea of security and data privacy issues. They are traditionally very cautious about their privacy, but now that is has been proven to be safe, that they own their data and they have benefits in sharing their data, and it can be done in a secure way.”

Latin American countries should yet implement open banking standards at their own space and rely on technology to facilitate the widespread usage of the digitised financial system.

“Each country has its own market condition. It’s important to consider international experience and try to incorporate within our own framework what’s working around. There is no size all fits all model,” said Velazquez. “It is a paramount collaboration between experts and that collaboration will be crucial for the implementation of open banking and open finance.”

“Open banking does not work alone. We need to introduce technology as automation and machine learning,” added Jonathan Garzon, head of digital businesses & innovation at Cecoban.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Last week, Brazil released its new open banking rules aimed at enabling data sharing and services among financials, payment institutions, and other organisations licensed by the Banco Central do Brazil (BCB) through a secure approach.

“All the UK experience sets the basis for other countries, like a benchmark. Brazil is following a similar path,” said Bruno Diniz, co-founder at Spiralem, during a panel discussion at the Open Banking World Congress this week.

“We shouldn’t look at the UK as ‘is at all you did’ – it has set a benchmark. We should learn and grow,” said Carlos Figueredo, CEO and founder of Open Vector.

Brazil’s open banking initiative will be gradually implemented from November 2020 to October 2021, offering a “much broader, open finance scope and concept of reciprocity,” said Huw David, CCO at Ozone API.

Market leaders including the UK have acknowledged the benefits and possibilities of open banking, leading other jurisdictions to follow. In Brazil, the BCB has followed the EU model as it agreed it was “the right way to go,” said Samee Zafar, director at Edgar Dunn & co.

The BCB has become the “key driver for the open banking implementation in Brazil,” said Figueredo, allowing countries such as Mexico to follow a similarly ambitious approach as “Latin America looks at Brazil.”

Mexico’s new fintech law announced by the National Banking and Securities Commission (CNBV) will tackle the country’s lack of noncash transactions in a bid to join the rapid global growth of open banking.

Mariana Velazquez, a former Mexican regulator, said the increasing trust in data safety has enabled a wide implementation of open banking rules across Latin America.

“Consumers receive communication with their banks, and they are insecure about the idea of security and data privacy issues. They are traditionally very cautious about their privacy, but now that is has been proven to be safe, that they own their data and they have benefits in sharing their data, and it can be done in a secure way.”

Latin American countries should yet implement open banking standards at their own space and rely on technology to facilitate the widespread usage of the digitised financial system.

“Each country has its own market condition. It’s important to consider international experience and try to incorporate within our own framework what’s working around. There is no size all fits all model,” said Velazquez. “It is a paramount collaboration between experts and that collaboration will be crucial for the implementation of open banking and open finance.”

“Open banking does not work alone. We need to introduce technology as automation and machine learning,” added Jonathan Garzon, head of digital businesses & innovation at Cecoban.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

Este contenido es solo para
usuarios Prime 👑 del Hub.

Hacer upgrade ▸
Apoyado por:
Contacta al equipo
No items found.

Fintechs en
tendencia del Hub

No items found.

Ecosistema Fintech

¿Alguna novedad que quieras compartirnos?
escrÍbenos a hola@latamfintech.co
¿Alguna novedad que quieras compartirnos?
escrÍbenos a hola@latamfintech.co

Más Makers Imparables ⚡

Makers
Paytech 💳
Billetera virtual ligada a una APP y Tarjeta, que permite tener una mejor relación y control de tu dinero en línea.

Más Insights

Por
Transfi
Transfi
Powering the world’s payments
Paytech 💳

Nuestra comunidad

WHATSAPP
✨ Nuevo!
Tenemos un canal de Whatsapp donde contamos todos los movimientos en la industria.
Usuario pRIME 👑
Acceso ilimitado. Desbloquee la cobertura exclusiva, entrevistas con CEOs, eventos especiales y más.
Activar suscripción
RESUMEN SEMANAL
Todas las semanas envíamos a tu email un resumen con todos los avances en el ecosistema Fintech.
Abrir el Blueprint
Grupo de SLACK
Tenemos un grupo de Slack con todos los miembros registrados del Hub para que sigamos conversando.
uNIRSE AL GRUPO