Open Banking in Latin America

Brazil operates one of the largest open finance ecosystems globally with over 800 participating institutions and 30 million consents, covering banking, payments via Pix, insurance, and investments.

Resolução Conjunta BCB/CMN Nº 1/2020

Mexico was first in LATAM to legislate open banking (Ley Fintech, Article 76, 2018), but implementation is partial and long delayed: only open-data (ATM) API rules exist (2020); the aggregated and transactional data rules remain unpublished.

Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech, 2018)

Colombia moved from a voluntary model (Decreto 1297 de 2022) to a mandatory one with Decreto 0368 de 2026, with the SFC publishing technical standards progressively (CE 004) across banking, insurance, and pensions.

Decreto 0368 de 2026 (mandatory); Decreto 1297 de 2022 (voluntary, replaced)

Chile created the Sistema de Finanzas Abiertas via the Ley Fintech N° 21.521. The CMF has finalized the technical standards (NCG 514/569), but entry into force was postponed to July 2027.

Ley Fintech N° 21.521 (2023)

Argentina enacted an Open Finance framework via Decreto 353/2025 (Sistema de Finanzas Abiertas), with the BCRA as implementing authority — but as of 2026 it is not yet operational, as the BCRA has not issued the technical standards.

Decreto 353/2025 (Sistema de Finanzas Abiertas); Transferencias 3.0 (separate payments interoperability)

Peru is in the early planning stages for an open banking framework under the SBS, evaluating regulatory approaches used in neighboring Latin American countries.

Ecuador is exploring open banking regulation through its banking superintendency, with early-stage planning influenced by regional developments in Latin America.

Uruguay is planning an open banking framework through the Banco Central del Uruguay, leveraging its strong digital infrastructure and progressive regulatory approach.

Costa Rica is in the planning stages for open banking, with the BCCR and SUGEF evaluating regulatory approaches to complement the SINPE payment system.