Colombia reportedly takes voluntary approach to Open Banking Wednesday 28 April 2021 12:15 CET | News
Colombia’s government has planned to introduce Open Banking to the country on a voluntary basis and is holding a series of workshops with the private sector to advance a regulatory framework, according to Global Government Fintech.
Open Banking, which aims to increase competition and innovation in financial services, involves the use of open application programming interfaces (APIs) to enable third-party developers – fintech companies – to build applications and services. Countries worldwide are taking different approaches and speeds on its implementation. In Colombia, the government’s unit for regulatory projection and financial regulation studies (Unidad de Proyección Normativa y Estudios de Regulación Financiera – URF), which is part of the finance ministry (Ministerio de Hacienda y Crédito Público), is running a series of public-private sector events to hel