Discover how Open Finance is driving innovation across Latin America, which countries are leading the way, and why this transformation is shaping the future of finance.
Our CEO, Julián Colombo, will soon participate in one of the leading events bringing together the most important figures in Open Finance in Latin America—this time in Mexico City.
This is a great opportunity to reflect on what Open Finance is and how a new era is emerging, driven by this innovation.
Are we entering a new era of finance?
Imagine if your financial data—like bank transactions, credit history, or insurance—could help you get better, more personalized products, faster. That’s the promise of Open Finance, a model that’s already changing how we use money in Latin America.
Though still under development, Open Finance is gaining ground across the region, country by country. Here’s what’s happening—and why it matters.
What is Open Finance and why does it matter?
Open Finance allows different institutions—banks, fintechs, insurers—to securely share users’ financial data with their consent. The goal: to offer more suitable, easier-to-access, and competitive products.
For example, you could apply for a loan and instantly receive personalized offers from multiple institutions. Or switch banks without paperwork because your data follows you.
Brazil: the regional pioneer
Brazil is far ahead of the rest. Over 800 institutions already participate in the system, and by 2025, more than 60 million active users are expected. Data sharing via APIs (digital bridges between systems) grew by more than 50% in just three months last year.
Mexico was one of the first to regulate Open Finance through its 2018 Fintech Law, but it still needs to solidify a robust technical infrastructure. Even so, its fintech ecosystem is very active, with companies like Finvero developing platforms to facilitate lending based on open data.
In 2024, Colombia made a major move: a circular from the Financial Superintendency officially allowed users to share their financial data with authorized third parties. This marks the beginning of a new banking model in the country.
Chile is also making progress. Its 2022 Fintech Law promotes financial portability (switching banks or providers easily) and access to fairer and more transparent services.
Argentina does not yet have specific Open Finance regulations, but the Central Bank is pushing for interoperability with initiatives like Transfers 3.0, which enable payments and connections between different wallets and accounts.
What is really changing?
These are some of the trends already visible in the region:
More competition = better products for users.
Greater financial inclusion, especially for the unbanked.
Cross-industry collaboration: tech, banking, and insurance are joining forces to create more integrated experiences.
Common standards: more countries are working on shared rules to ensure secure and connected systems.
The future has already begun
Open Finance is far from science fiction. It’s already functioning in countries like Brazil. Across Latin America, the groundwork is being laid for it to become part of everyday life very soon.
For consumers, entrepreneurs, and businesses, this new model offers a huge opportunity: more transparency, greater decision-making power, and above all, more control over our own finances.
Julián Colombo, CEO of N5 Now and former executive at Banco Santander, is a strong advocate of Open Finance as a key driver of financial system modernization. Under his leadership, N5 Now was recognized by Microsoft as “Best Platform” in the Open Finance category—a distinction awarded for its ability to integrate Open Banking and Open Insurance solutions. Both N5 and Colombo are pioneers in this financial revolution and express it as follows:
Open Finance is a powerful tool to enhance financial operations efficiency, but what’s essential is that it deepens the personalization we’ve been promoting in the sector. The trend that’s becoming a necessity is for digital banks to adopt a more human-centered approach. That’s why we believe that the combination of advanced technology and client-focused service will be the foundation of the deep transformation that lies ahead.
