Summary
This report outlines the current state of open banking in Latin America, focusing on trends and regulatory developments expected in 2022. It describes how open banking is facilitating fintech growth in the region by enabling financial institutions and fintech companies to leverage APIs for improved data sharing and service delivery. The document details the significant structural changes in the region, including increased digitalization and the emergence of new financial infrastructure providers, which are essential for the adoption of open banking models. It also discusses the impact of the COVID-19 pandemic on the acceleration of digital financial services and the growing comfort of consumers with alternative financial solutions. Additionally, the report highlights the regulatory landscape, noting how various countries are developing frameworks to support open banking initiatives. The document concludes by addressing the potential for open banking to create a more inclusive financial ecosystem, benefiting millions of people across Latin America.
