Colombia | Open Finance: A Long Road to Competition, Innovation, and Inclusion

Summary

Countries in the region, like Colombia, are developing open finance frameworks. To achieve innovation, competition, and inclusion, it's essential to modernize payments, establish governance that fosters participation, and create robust systems that protect information and customer trust.

Key points

• Key points:
• Schemes like Bre-B from the Central Bank of Colombia are fundamental in promoting the formalization and banking access necessary to boost open finance.
• Governance schemes that promote active and continuous participation from all stakeholders, equally and openly to new players, are crucial for developing standards with the right balance among security, innovation, and efficiency.
• Customer trust and effective information protection, in line with legal frameworks, must be the foundation upon which a strong open finance framework is built.

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