Open Banking in Colombia

Colombia has established a comprehensive legal framework for open finance through Decreto 1297 de 2022, branded as "Finanzas Abiertas." The decree, developed by the Unidad de Regulación Financiera (URF) and implemented by the SFC, establishes the right of consumers to share their financial data with authorized third parties.

Colombia's approach is notable for its broad scope, covering not just banking but also insurance, pension, and securities data. The framework includes provisions for financial portability, enabling consumers to move their products more easily between institutions. Implementation is proceeding in phases, starting with product data and account information.

Colombia's growing fintech ecosystem, including companies like RappiPay, Nu Colombia, and Nequi, is actively preparing for open finance. The country's significant unbanked population makes financial inclusion a key driver for the initiative. The SFC has been recognized for its progressive regulatory approach in the region.