At a conference on the implementation of open finance in Peru, Peru's Superintendence of Banking, Insurance and Private Pension Fund Administrators said the country is close to completing the diagnostic phase of its open finance roadmap and is preparing to move into the regulatory phase. The authority indicated that a key near-term step is approval in July of the Banking as a Service framework now under consultation, describing BaaS as a form of open finance that would allow non-financial firms such as fintechs to offer financial products and services using a financial institution's infrastructure. The diagnostic phase has used a participatory approach involving financial institutions, insurers, cooperatives, fintechs, technology providers, national authorities and international experts, with support from the World Bank. According to the authority, the work found that Peru's financial system already has some experience in implementing application programming interfaces, although gaps remain. It also identified credit assessment and personal and business financial management as the highest-potential initial use cases. Early data sharing would focus on historical transactional information, including income, balances and financial behaviour patterns, while security has emerged as the main concern among participants. The authority expects to share the outline of the future open finance model with the industry to gather comments, identify areas for improvement and help firms plan the work needed for implementation. The start of the model is planned for 2028.
Superintendencia de Banca, Seguros y AFP del Peru2026-05-26
Peru's Superintendence of Banking, Insurance and Private Pension Fund Administrators nears end of open finance diagnostic phase and targets July approval of BaaS rules
The Superintendence of Banking, Insurance and Private Pension Fund Administrators of Peru is close to completing the diagnostic phase of its open finance roadmap and will next move into the regulatory phase, targeting approval of a Banking as a Service framework as a key near-term step. The World Bank–supported diagnostic highlighted existing API experience, implementation gaps, and high-potential use cases in credit assessment and personal and business financial management, with security identified as the main concern. The authority plans to share the outline of the future open finance model with industry ahead of a planned 2028 start.