The document delivered to the authorities linked to the financial industry of Chile, Colombia, Mexico, and Peru contains a comparative study of the best practices successfully implemented in the world to encourage and support the search for a shared standard among the countries, to enable interoperability.

The proposal "Open Finance Standards as leverage for regional conversion," led by the associations that group the finance and technology (Fintech) companies of the Pacific Alliance countries, was launched today in the context of the Chile Fintech Forum 2023, the most important event of this industry in the country.

The purpose is to make essential information on Open Finance available to regulatory bodies to establish a common standard in the countries and to develop a competitive, secure, innovative, homogeneous, and inclusive Fintech ecosystem. To this end, the proposal contains the current status of these initiatives in Latin America, guidelines and specifications to develop regulations, and a benchmark of the best practices in countries that have already implemented a system of open finance at a global level.

"Open finance is fundamental for Chile, especially at a time when we are working on the implementation of the Fintech Law. A good system decreases information asymmetries and eliminates barriers in terms of competition, bringing direct benefits to the people. For this reason and seeking interoperability between the countries of the Pacific Alliance in terms of Open Finance, we have delivered this document to the relevant financial authorities," said Angel Sierra, executive director of FinteChile. 

FinteChile, Colombia Fintech, Fintech Mexico, and Fintech Peru led this unprecedented alliance, with the expert collaboration of the law firm Dentons in each country and the consulting firm Minsait Business Consulting. 

Ignacio Pera, 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 address, but we believe that the situation in the different countries of the Pacific Alliance generates an ideal and timely environment for both regulators and Fintech industry players to join efforts to converge on this common regulation, sharing the best international standards of open finance systems available."

Francisco Mora-Figueroa, Global Head of Open Business at Minsait Business Consulting, who advised on the document about the Open Finance standards applied in other regions, said that "the implementation of this type of initiatives in other countries has meant high efforts in time and resources for the different participants, which makes it even more important to promote actions of this type that defend the collaboration between public and private entities to implement information exchange models that are governable in their implementation, efficient and scalable."

The publication (in Spanish) is available for download here.

About Open Finance

It is a set of worldwide initiatives of financial innovation that promotes interconnection and collaboration between companies in the industry through the secure exchange of information. It seeks that the customer, as his information owner, can share it digitally and securely with different actors, such as comparators of financial products and/or services, payment initiators, or other financial service providers.

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