The Financial Superintendence of Colombia published remarks by Superintendent César Ferrari from a panel on the implementation and supervision of open finance schemes, where he framed open finance as central to strengthening the financial system and increasing competition in Colombia’s credit market. During the discussion, he pointed to increasing credit-market concentration over the past two decades, with some recent improvements, and argued that open finance can help by expanding transparency and access to information. The Superintendence highlighted Colombia’s stated open finance objectives, including empowering financial consumers in the handling of personal data, promoting competition in credit, supporting development under conditions of security and interoperability, and fostering financial products tailored to consumer needs. Ferrari also stressed the role of international cooperation and learning from other countries’ experiences to advance open finance in Colombia.
Superintendencia Financiera de Colombia 2025-11-19
Financial Superintendence of Colombia highlights open finance as a lever to strengthen credit markets and competition
The Financial Superintendence of Colombia shared Superintendent César Ferrari's remarks on open finance's role in strengthening the financial system and enhancing competition in Colombia's credit market. He emphasized open finance's potential to increase transparency and access to information, addressing credit-market concentration. Key objectives include empowering consumers, promoting competition, ensuring security and interoperability, and tailoring financial products to consumer needs, with international cooperation highlighted as crucial.