Financial Superintendence of Colombia outlines new standard setting and oversight duties under mandatory open finance regime

At an Asobancaria sector forum in Bogotá, the Financial Superintendence of Colombia said it will assume new responsibilities in implementing the government’s recently enacted open finance model, which will be mandatory for entities under its supervision. In remarks by Francisco Duque, the agency’s Director of Research, Innovation and Development, the supervisor described its role in the new ecosystem as regulator, supervisor and coordinator. Under Decree 0368, the Financial Superintendence of Colombia is tasked with setting technology and security standards, administering the directory of system participants, establishing metrics to monitor the scheme, overseeing its efficient operation and supporting its development through a risk prevention approach. The presentation also linked the regime to goals of increasing competition, innovation and financial inclusion, while mitigating technology and cybersecurity risks, preventing misuse of personal data and reducing information asymmetries. It added that financial education, consumer empowerment, trust and clearer explanations of how the model works will be important for both the supervisor and supervised entities. Working groups will be set up with system participants to define the timetable for standardising the new open finance model in Colombia.