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No Open Banking

A country on the northern coast of South America.

According to Kepios, 62% of Venezuelans had access to the Internet at the end of 2020.

There are no specific Open Banking regulations defined yet. In 2021 the Superintendency of Banking Sector Institutions (SUDEBAN) published a Resolution which did not cover Open Banking.

The¬†Fintech Association¬†partnered with¬†Banco Plaza¬†in 2021 to launch an Open Banking initiative supported by a platform provided by¬†Ab4cus, allowing local Fintechs to consume Bank data, but there has been no news about the initiative since mid-2022, and the platform is not listed in the provider’s website.

According to The Global Findex Database, 84% of Venezuelan adults had bank accounts in 2021, leaving 16% unbanked. 

The¬†Venezuelan bolivar¬†remained at the top of the per capita crypto ranking in 2018‚Äď2020.

Prior to 2018, law enforcement arrested and seized assets of bitcoin miners but declared¬†cryptocurrencies, such as bitcoin, legal in 2020. The Superintendency of Crypto-assets and Related Activities of Venezuela (SUPCACVEN) is the governmental agency in charge of regulations, control, and protection of crypto-assets. Miners must, however, be registered, and all activities must be overseen through the ‚ÄúNational Mining Pool,‚ÄĚ with the government in charge of distributing the rewards from such activities. The government has also created its own cryptocurrency called the Petro, which is backed by the value of Venezuelan oil.¬†In 2021, Venezuela introduced¬†digital currency,¬†digital bol√≠var, amid redenomination. This was hoped to promote economic recovery.

Currently, there are more than 40 Fintechs in Venezuela, classified into the categories of means of payments, technology providers, education in new financial technologies, Insurtech and Crowdfunding. 

Fintech Venezuela, the Venezuelan Society of Fintech and New Technologies, was founded in 2018. In April 2021, Fintech Venezuela partnered with one of the Venezuelan banks to develop an innovative Fintech and Open Banking collaboration project called Interfintech, which allows Fintech to connect with each other and with the services of Banco Plaza.

More banks are predicted to participate in Open Banking in Venezuela during 2023 and beyond.

Venezuela ranked 116th out of 134 countries in¬†Wiley’s Digital Skills Global Index 2021.