In 2018, Mexico was ahead of its time with the Fintech Law, promising a more competitive financial system. Seven years later, the implementation of Open Finance remains a work in progress.
Open Banking is one of the most transformative changes in the global financial system over the last decade. By allowing users to share their data with authorized third parties, it breaks the information monopoly of traditional banks and ushers in a new era of competition and innovation. In Mexico, where over 50% of the population lacks full access to the banking system and nearly 6 out of 10 adults have no active credit line, the potential impact is vast.
Through Open Finance, fintechs and digital platforms can offer more suitable products with lower friction and broader reach — especially in rural areas and among informal workers. At the same time, businesses gain access to interoperable, valuable data that supports more personalized, efficient, and scalable financial solutions. For Mexico, this is more than a technological innovation — it’s a strategy for economic inclusion and sustainable development.
A look into its history
While the term “Open Banking” rose to prominence in the past decade, its roots trace back to early online banking experiments in the 1980s, such as those led by Deutsche Bundespost in Germany. However, a major turning point came in 2015, when the European Union adopted the Second Payment Services Directive (PSD2), requiring banks to open their data to authorized third parties. This regulation laid the groundwork for Open Banking in Europe and inspired other countries — including Mexico — to follow suit.
The current landscape in Mexico
Despite regulatory progress, the lack of clear secondary provisions has left banks and fintechs in a kind of “digital limbo”, awaiting clear instructions to move forward. Meanwhile, other countries in the region, such as Brazil, have advanced more rapidly in adopting open finance models.
Still, several initiatives in Mexico are making a difference. For instance, the partnership between Citibanamex and the Open Finance platform Belvo aims to improve access to services for traditionally underserved sectors. Similarly, Mercado Libre has integrated Open Finance tools to offer financial products like cards and loans to its sellers, fostering inclusion within its platform.
Additionally, banks like BBVA Mexico are leveraging international experience to implement Open Finance solutions that deliver strong value propositions tailored to the Mexican market.
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