Open Banking in Portugal

Portugal transposed PSD2 through Decreto-Lei n.º 91/2018, with Banco de Portugal overseeing the implementation. Portuguese banks including Caixa Geral de Depósitos, Millennium BCP, and Novo Banco have implemented open banking APIs.

SIBS, Portugal's payment infrastructure provider, has developed an API Market to facilitate PSD2 connectivity. Lisbon has emerged as an attractive destination for fintech startups and technology companies, partly driven by favorable tax incentives and the Web Summit conference's relocation to the city.

Portugal's open banking ecosystem benefits from growing digital banking adoption and a modernizing financial sector. While internet penetration (85%) lags some Northern European peers, mobile banking usage is growing rapidly among the Portuguese population.