‘Fintechs’ of the Pacific Alliance launch an ‘open finance’ proposal

The proposal Open Finance Standards As a lever for regional conversion, led by the unions that bring together finance and technology (‘fintech’) companies from the Pacific Alliance countries, it was launched at the Chile Fintech Forum 2023.

The purpose of the document is make available to regulatory bodies key information on open finance (Open Finance), to establish a common standard in the countries, in order to develop a competitive, secure, innovative, homogeneous and inclusive Fintech ecosystem.

Read: Colombia, among the 12 countries in the world that have the most ‘fintech’

For this, heThe proposal contains the current situation of these initiatives in Latin America, guidelines and specifications to develop the regulation, and the best practices compared in countries that have already implemented an open finance system, globally.

“This is a historic step that will transform our countries. For a long time, independent regulatory development has made countries have advanced regulatory developments, but when it comes to developing companies, cross-border transactions or the export of services become very difficult due to disparate regulations,” said ó Gabriel Santos, president of the Colombian Fintech Association.

He added that with “With this ambitious commitment, we managed to reach an agreement between various fintech associations on the continent, looking for the best for our affiliates,
but above all for the users of the services offered by the affiliates of our associations“.

(Read: Colombia Fintech names its new Board of Directors).

Ignacio Pera, a partner at Dentons Chile and one of the authors of the document, highlighted that “from a regulatory point of view, generating a common standard on a subject as complex as open finance seems a difficult task to tackle, but we believe that the The situation in the different countries of the Pacific Alliance creates an ideal and opportune environment for both regulators and players in the Fintech industry to join efforts to converge on this common regulation”.

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