Open Banking in Mexico

Mexico's Ley Fintech (2018) was one of the first comprehensive fintech regulatory frameworks in Latin America, including provisions for open finance data sharing. The law mandates three types of data sharing: open data (public product information), aggregated data (anonymized market data), and transactional data (individual account data with consent).

The CNBV and Banco de México are overseeing implementation, which has proceeded more slowly than initially planned due to the complexity of secondary regulation development and varying levels of technical readiness among financial institutions. Open data APIs have been implemented, while transactional data sharing is still being rolled out.

Mexico's large population, growing fintech ecosystem (including unicorns like Bitso and Clip), and significant unbanked population create strong demand for open finance services. The framework aims to drive financial inclusion alongside innovation, though implementation challenges remain in standardization and compliance.