BRAZIL
Brazil leads the way in Open Banking adoption in Latin America - now transitioning into open finance.
In a short time, Brazil achieved remarkable milestones, with 22 million customers embracing Open Banking sharing personal and banking data among financial institutions. This progress is attributed to Brazil's commitment to full interoperability, robust API standards, and customer journey guidelines.
Open finance in Brazil expands the initiative's scope to include investments, foreign exchange, and insurance products. This evolution aims to drive competition, innovation, and financial inclusion, empowering individuals with diverse financial solutions and contributing to economic growth. Brazil solidifies its leadership in the global open finance movement.
Updated: November 2023
