What is 'open banking' and why is its regulation important?

What is ‘open banking’ and why is its regulation important?

Just a few days ago, the National Government issued a Decree that sets the new guidelines on the regulation of open finance in Colombia, better known as the ‘open banking’.

(Colombia issues a decree to have ‘open banking’).

For the Ministry of Finance, through it they seek to promote competition, inclusion and efficiency in the provision of financial products and servicessince this model allows entities to better profile users, in order to develop strategies for financial inclusion.

But what does it consist of? Why is it important? What changes compared to previous regulations?

José Gómez, country manager of Sensedia in Colombia and Peru, talks about it in this new episode of Economicast.

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