Hello, and welcome to the Latin America Weekly newsletter! In this issue, we discuss how Colombia is welcoming open finance, the challenges facing Argentina’s new Economy Minister, a dispute for gold in Venezuela, and how war is affecting (or not) Latin American food supplies.
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Colombia’s push to regulate open finance
Colombia’s Finance Ministry has issued the country’s first open finance regulations. The new legislation provides the basic rules for sharing data between financial players and introduces the role of the so-called “payment initiator.”
State of play. Colombia has kick-started a regulatory framework designed to gradually enable the smart sharing of information between legacy banks, digital players, and fintechs aiming at customer empowerment.
What changes. On the one hand, by voluntarily sharing their financial data with other institutions and fintechs, customers can choose better banking and financial services and products.
- On the other hand, banks and fintechs can use the data to improve credit analysis and registration process, in addition to offering services and products beyond their base.
- Banks and fintech...