2025 will be an important year for companies in the financial sector and the Fintech industry, due to the changes that are coming in this market with the Open Banking and the implementation of BRE-B by the Bank of the Republic, Thanks to which there are high expectations of strengthening interoperability.
Portfolio spoke with Felipe Gedeón, co -founder of Cobre, who stressed that Colombia has taken great steps towards the consolidation of an open and close market with customers, but emphasized that there is still much to advance, especially on fronts such as the implementation of Clear standards for all actors.
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How did they close 2024?
2024 has been a transformative year for the Fintech ecosystem in Latin America, driven by constant growth and technological advances that are redefining interaction with financial services. Colombia has established itself as a regional leader, with 394 active Fintech companies, an increase of 6.8% compared to last year.
This dynamism has positioned the country as the third largest market in the region, highlighting key verticals such as digital credit and digital payments, which represent almost half of the local ecosystem. This year we have witnessed how technologies such as APIS and Openfinance are redefining the financial landscape.
Were expectations meet?
In general, we can say that the sector took important steps to meet expectations, although there are still challenges to be resolved. Key advances such as the expansion of Open Banking, the implementation of interoperability systems such as BRE-B in Colombia, and the sustained growth of verticals such as digital payments and digital credit show that the industry is responding to market demands.
These developments have allowed greater transparency, agility and collaboration between the different actors of the financial ecosystem. However, it was also clear that the speed of technological and regulatory adoption can still improve, especially in issues such as the consolidation of clear normative frameworks and strengthening infrastructure for immediate payments.
Fintech
Are they satisfied?
Despite these challenges, the Fintech sector has demonstrated resilience and innovation, positioning itself as a key engine for economic transformation in the region. In summary, 2024 met a large part of the expectations, but also left pending tasks that will be criticized to continue advancing towards a more open, efficient and inclusive financial ecosystem in the coming years.
What comes for 2025?
We started 2025 recognizing the importance of two key transformations in the country’s financial ecosystem: the implementation of the BRE-B system and the advance of Open Finance. These milestones are not only a great achievement for Colombia, but also an opportunity to consolidate a more inclusive, interoperable and efficient financial environment.
Our active participation in these fronts positions us as leaders in the technological transformation of the financial sector in Colombia and Latin America. We have developed solutions such as Copper Connect and Real Time payments, which respond directly to the modernization and digitalization needs of large companies.
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Is the panorama positive?
We begin this year with confidence and ambition, convinced that our accumulated experience will allow us to consolidate ourselves as strategic technological partners for large companies in the region. The expansion to Mexico will be a key engine for our growth, allowing us to diversify and strengthen our operation.
In addition, we will continue to strengthen our relations with large corporations that seek to modernize their financial operations, supporting them in their transition to more efficient, safe and sustainable solutions.
Founders of the Fintech Cobre.
How is Open Banking?
In copper we firmly believe that Open Banking and open finances will mark a before and after in the way companies and consumers interact with financial services. By 2025, we expect a significant acceleration in the implementation of these initiatives, especially in markets such as Colombia and Mexico, where regulations are already laying solid bases.
We see 2025 as a crucial year, marked by the consolidation of Open Banking and the implementation of the BRE-B system. This system will be a key catalyst for bank interoperability, and our experience positions us as leaders in this change towards a more connected and efficient financial future.
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What role will Bre-B play in all this?
We hope it is the catalyst for a new stage in the Colombian financial system. Many years ago, new, public and accessible infrastructure in this sector was not developed, and every time one arises, the opportunity to build innovative solutions on it opens.
For Fintechs, this represents a world of possibilities to develop products and services that promote financial inclusion and efficiency and firmly believe that Fintechs have a double responsibility: not only adopt this system, but also become evangelists of this technology.
Who is the responsibility?
The country needs all interested parties to collaborate to maximize the impact of this infrastructure and guarantee its success. In addition, we trust that Bre-B must move quickly beyond initial cases such as peer-to-peer and peer-to-merchant.
It is essential that it evolves towards more complex and robust applications that meet the needs of all actors in the financial ecosystem, thus allowing Colombia to advance towards a more modern, agile and inclusive financial system.
Economic growth
Does the sector advance to the necessary rhythm?
The financial market in Colombia and Latin America has advanced significantly in recent years, adapting to new technologies and operational models. However, it still faces important challenges to fully respond to the needs of the financial sector, particularly in terms of speed, efficiency and accessibility.
In copper, we observe great advances in initiatives such as Open Banking and interoperability systems, including BRE-B, which are transforming the way in which banks, Fintechs and other actors collaborate in a more agile and connected ecosystem.
Despite these progress, the speed of adoption of these technologies can improve, especially in technological integration and the implementation of regulatory frameworks that promote their massive use.
How to accelerate?
Companies operating in this market face growing pressure to offer quick, transparent and accessible solutions, in a context where users demand instant payments and integrated financial experiences. These solutions not only meet the current market needs, but also serve as catalysts to close the technological and regulatory gaps, promoting a more accelerated and sustainable change in the financial ecosystem.
That said, it is a priority to promote the adoption of technologies such as BRE-B, ensuring an inclusive implementation that benefits all system actors, and accelerate the integration of immediate payments between banks to optimize operational efficiency and reduce costs.
