Technological development in the financial sector is advancing at such a rapid pace that all users today are carrying out all kinds of transactions through financial technology; However, there is still a need to go to bank branches to carry out procedures, due to the lack of openness in terms of information.
In this regard, the specialist in financial, regulatory and financial technology law from Creel, García-Cuéllar, Aiza y Enríquez law firm, Juan Carlos Olivier Moran, confirmed that the financial ecosystem is in the process of creating open finance, which is known in Mexico. Such as open banking, which is an essential element for the development of financial ecosystems and for enhancing benefits for end users, but also a kind of mandatory number in our legislation today.
“Open banking expands access to financial systems, promotes competition and allows secure exchange of financial data,” he said during the information workshop on open finance in Mexico organized by Exponential Mexico’s Digital Finance Coordination.
In detail, it facilitates the exchange of financial information for people between different organizations, with the aim of being able to offer innovative personalized solutions and services, tailored to measure, that adapt to the specific needs of each user according to his path in finance. section.
“This part of sharing information will allow the user to have access or get a full view of which bank is offering what, at what rate, what the commission is. It will have a perfect layout. This will force the entities not only to compete on whether I give you more or less returns Or less useful, but what can I show you that will give you a better service?
However, make it clear that the end user will always be the owner of their data, so they decide if they want to share it, when they want to share it and when they want to stop it.
In this sense, he indicated that Fintech law started with the path so that this exchange is safe and respects the rights of users.
However, he warned that the Mexican government currently needs to put in place clearer and more specific regulations that would allow us to fully exploit these facilities.
For his part, Director of Public Policy, Regulation and Institutional Relations at Bellevue, Sebastien de Lara, explained that open financing environments facilitate the financial inclusion of people, linking and exchanging information from alternative sources between commercial entities and credit providers, through innovative. Solutions, even for those without credit history or active bank accounts.
He emphasized that 180 countries already have regulations in this regard and another 60 projects are under discussion, so there are already international examples proving the success of open data and the open banking model, as well as the benefits to users around the world. that could be an inspiration to mexico.
The expert explained the models of the United Kingdom, Colombia and Brazil and also mentioned that FinTech companies in the countries that make up the Pacific Alliance have prepared recommending standards for operating APIs in order to facilitate the adoption of this technology in the region.
Because of the above, he emphasized that he hoped things in Mexico would move somewhat in a similar direction.
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