Open finance is a financial ecosystem that enables customers to share their financial data securely and use the data to access financial products and services. This financial model has gained significant momentum in the last few years and is transforming the financial landscape of Latin America.
Back in 2023, we looked at the status of open finance in Latin America, and a lot has changed in 2 years. In this updated report, we will share the current state of open finance in Latin America in 2025.
Context
The Latin American region continues to be an early adopter of open finance. Since 2023, the market has matured significantly, with several countries now working on their local regulations. Open finance is becoming a reality not only in countries with fully operational regulatory frameworks, like Brazil, but also in countries nearing the framework definition like Colombia and Chile and others still working on it, like Guatemala, Perú and Mexico.
The adoption of open banking is increasing competition, reducing barriers to entry for new players, and enabling customers to access a wider range of financial products and services. And building a brilliant foundation for those that are establishing open finance.
Brazil
Brazil remains at the forefront of the financial ecosystem adoption in Latin America, having successfully implemented the first 4 stages of the open finance ecosystem by April 2024. Since the Central Bank of Brazil introduced regulations in February 2021, the market has been growing steadily.
In 2025, Brazil’s open finance ecosystem is really mature, with comprehensive governance structures implemented through BCB Resolution No. 400. The framework now extends well beyond traditional banking, with open insurance and new premium APIs enabling advanced monetisation opportunities for financial institutions.
Brazil’s success is evidenced by several governance metrics, such as +45% increase in active consents in the last year (61.9 millions in 2024 vs 42.9 millions in 2023) and +96% increase in total volume of API calls (102 billion in 2024 vs 51.9 billions in 2023). Also impressive, the Payment Initiation API calls increased by 194% (159 millions in 2024 vs 54 millions in 2023). While still representing a small share of the overall payments in the country, the growth is steady and every week there are new use cases taking advantage of it.
Mexico
In 2025, open finance in Mexico is back to the discussion, with more fintechs entering the market and established institutions looking to expand their API offerings. The regulatory framework is still under construction, but the momentum has definitely gained some traction.
Colombia
Colombia has made remarkable progress since 2023, emerging as a regional leader in open finance regulation. Following the introduction of initial regulations in 2021, Colombia published a comprehensive mandatory Open Finance draft decree in June 2025. This represents a significant shift from the previous voluntary framework to a mandatory, regulated ecosystem designed to promote financial inclusion, competition, and innovation. The Superintendencia Financiera de Colombia (SFC) and the Financial Regulation Unit (URF) are leading this transformation, with full implementation expected in the coming years.
Chile
Chile has achieved a major milestone with the finalization of its open finance regulation under the Fintech Law in July 2024. The Financial Market Commission (CMF) has established comprehensive rules governing the Open Finance System, with mandatory implementation scheduled to start in April 2026. Several fintechs and financial institutions are actively preparing for this transition, positioning Chile as a key player in the regional open finance landscape.
Peru
Peru’s open banking development has progressed more slowly than initially anticipated. While the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) began working on regulations in 2022 following the law proposal, concrete regulatory implementation has been limited. Local stakeholders, including the Peruvian Banking Association (ASBANC) and the Central Reserve Bank of Peru, continue to evaluate the framework, but no definitive timeline has been established yet.
Meanwhile, local financial entities are getting ready to join the future open finance ecosystem by implementing or improving their API architecture and testing some initial use cases based on international standards, such as the UK Open Banking standard.
Dominican Republic
In the Dominican Republic, the Central Bank continues working with the Banks Association (ABA) on regulatory development that began in 2021. Progress has been steady, with all major banks actively considering open finance opportunities and evaluating how to enable new services for the local market. Implementation is expected to accelerate in the coming years.
Guatemala
Guatemala’s financial regulator, the Superintendency of Banks, has not yet introduced formal open banking regulations. However, market demand continues to grow, with several fintechs and financial institutions exploring innovative financial products and services in anticipation of future regulatory developments. Anticipating the future open finance regulated ecosystem, several local financial institutions are upgrading their internal APIs infrastructure and partnering with fintechs and other institutions to deploy the first use cases enabled by Open APIs.
Argentina
Argentina’s central bank continues developing its open banking framework, building on the digital payments initiatives and interoperability regulations introduced in recent years. The regulatory discussions have advanced, with stakeholders actively benchmarking against successful implementations in Europe and other Latin American markets. Local market is actively discussing the opportunities enabled by the open finance framework.
Uruguay
Uruguay has maintained its collaborative approach to open banking development. Since 2021, the Central Bank of Uruguay has continued engaging with policy-makers, IT companies, startups, fintech companies, academics, and traditional banks through various working groups.
While formal regulation has not yet been introduced, stakeholder enthusiasm remains high, and significant progress has been made in building consensus around the framework’s direction. As a very unique market in the region, with a very high penetration of financial services for its population, Uruguay is very well positioned to lead the financial innovation front, using the foundations provided by Open Finance to innovate and deliver a whole new generation of financial services.
Ecuador
Ecuador’s regulatory environment remains in early development, with the Superintendency of Banks and Insurance yet to introduce formal open banking regulations. However, market forces continue to drive innovation, with fintechs and financial institutions offering services that lay the groundwork for future open finance adoption.
Redefining The Financial Ecosystem in Latin America
Latin America’s open finance transformation is accelerating, but significant challenges remain. Customer adoption is increasing at a slower pace than expected due to limited compelling services that demonstrate real value to end users. Sometimes there are impactful use cases implemented, but market communication is not yet fine tuned to focus on the available benefits for the users instead of the technical stuff around open finance, consent management, etc. Regulatory fragmentation across countries creates implementation complexity, though increased collaboration between regulators is gradually improving standardisation prospects.
Expert Insights From The Frontlines
We recently hosted a live webinar featuring open finance leaders who are driving this transformation across Latin America:
- Paula Debenedetti, Business and Product Leader BaaS & APIs Companies at Red Link (Argentina)
- Américo Becerra Morales, General Manager at CCA (Chile)
- Alejandro Ramírez Velasquez, Head of Open Data Solutions at ACH (Colombia)
These industry experts shared real-world insights on redefining Latin America’s financial ecosystem in the era of open finance. Watch the full webinar here.
Your Open Finance API Provider in Latin America
The regional open finance landscape is evolving rapidly. Success requires deep local expertise, proven technology and regulatory compliance across multiple markets.
We’re already powering open APIs for major banks across Latin America with local presence and platforms built to meet regional standards. From initial strategy through full implementation, we help financial institutions navigate the complexities and unlock the opportunities of open finance.
Ready to accelerate your open finance journey? Get in touch with our team to discuss your requirements.
