Open Finance isn’t the future — it’s already here. And it’s transforming the financial system across Latin America.
Over the past few years, you’ve probably come across terms like Open Banking, Open Finance, or open financial ecosystems. Maybe you’ve read something about them — or maybe you brushed it off, thinking it was just another trend in the financial world. But here’s the truth: Open Finance is here to stay, and it’s reshaping how we interact with money across Latin America.
From São Paulo to Santiago, Bogotá to Buenos Aires, countries across the region are moving fast to implement legislation, technologies, and practices that give people more control over their financial data, more service options, and a more modern, personalized banking experience.
So what does this actually mean for you? That you can — and should — take the lead in managing your financial life. In this article, we’ll walk you through seven truths about Open Finance that don’t get talked about enough, all explained clearly and simply — even if you’ve never heard the term before.
1. Open Finance is about more than just sharing your bank data
Open Finance isn’t just about allowing banks to exchange information about you. It’s a complete shift in mindset: your financial life becomes integrated, transparent, and connected across institutions, giving you a unified view and true control.
2. You’re in charge of your data — for real
Historically, banks owned your information. Under Open Finance, you choose what to share, with whom, and for how long. This breaks down barriers, simplifies switching services, and creates a fairer, more tailored financial experience.
3. Comparing financial products is about to get way easier
With Open Finance, you’ll be able to compare credit offers, interest rates, investments, insurance, and more — all in one place and across multiple institutions. No more jumping from site to site or visiting branches. Just faster, smarter choices.
4. More competition = better deals for you
When more companies (not just banks) can offer services based on your data — with your permission — competition increases. And more competition means better prices, lower rates, faster services, and custom solutions designed for you.
5. It’s not just for banks — fintechs, insurers, and even e-commerce apps are in the game
Despite the name, Open Finance goes far beyond traditional banking. Credit platforms, fintechs, brokerages, insurance companies, payment apps, and even retailers can tap into these solutions to improve your financial experience. It’s a growing ecosystem.
6. Open Finance is already happening across Latin America
Brazil is one of the most advanced countries, with a Central Bank-regulated framework since 2021.
Mexico is implementing its version through the Fintech Law, with a focus on interoperability.
Colombia, Chile, and Argentina have also launched initiatives — either through regulation or market-led agreements.
There are still challenges around integration and inclusion, but the transformation is underway — and already impacting millions across the region.
7. It’s secure — and you can revoke access anytime
Security is a top priority in Open Finance. Data is shared with encryption and only with your explicit permission. And you can revoke access from any institution whenever you want. Everything happens in a regulated, audited environment overseen by official agencies.
