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 is implementing open finance through the Ley Fintech, with CNBV overseeing a phased approach covering aggregated, transactional, and open data across financial institutions.

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

Colombia is implementing Finanzas Abiertas (Open Finance) through Decreto 1297, with the SFC developing technical standards and a phased rollout covering banking, insurance, and pensions.

Decreto 1297 de 2022 (Finanzas Abiertas)

Chile is implementing open finance through the Ley Fintech N° 21.521, with the CMF developing technical standards for data portability across banking, insurance, and securities.

Ley Fintech N° 21.521 (2023)

Argentina is developing open banking through a market-driven approach, with BCRA's Transferencias 3.0 interoperable payment system and evolving API regulations.

BCRA Communication A series / Transferencias 3.0

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.