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No Open Banking

A South American landlocked country.

According to Kepios, 81% of Paraguayans had access to the Internet in 2023.

Initial steps towards a regulator-driven Digital Payments environment began in 2014, with updates in 2022. No news yet about Open Banking/Finance specific regulations.

The model for retail payments adopted in Paraguay is a focused approach in which interoperability is required or encouraged, either for only a given set of payment types or for only some payment service providers (PSPs).

Cámara Paraguaya de Fintech has a sandbox environment for Fintech demos, covering more than just Open Banking.

According to The Global Findex Database, 54% of Paraguayan adults had bank accounts in 2021, leaving 46% unbanked. 

A recent National Development Plan of Paraguay included reducing the financial vulnerability of households at the foot of the socio-economic pyramid; attaining more widespread provision and uptake of financial services in a secure, competitive market; helping economic development and growth by giving MSMEs (micro, small and medium enterprises) and larger businesses greater access to financial products; and promoting financial inclusion, striking a balance between the interests of the financial sector and consumer education and protection.

According to Statista, 33 Fintechs operate in Paraguay. Most Fintechs operate in digital payments, new and innovative financial services for businesses and consumers, and digital lending.

Paraguay ranked second in the ease of hiring foreign talent in Wiley’s Digital Skills Gap 2021 report. Particularly skilled ICT professionals, particularly, developers, programmers and community managers, are needed in Paraguay.

Paraguay ranked 107th out of 134 countries in Wiley’s Digital Skills Global Index 2021.