Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has published a roadmap for implementing an Open Finance System, setting out how users would be able to share their financial data securely and in a standardised way via application programming interfaces (APIs) across banks, insurers, cajas, pension fund administrators (AFPs) and fintechs. The roadmap places user consent and data security at the centre of the model, with participation conditional on meeting the required security standards. Under the approach, a user would decide what information to share, for how long, and for what purposes, with the receiving entity responsible for maintaining security. The roadmap is structured in four phases: a diagnostic phase in the first half of 2026 to establish a baseline and identify regulatory, operational and technological gaps; a regulation and technical specification phase from the first half of 2026 to the second half of 2027 to define the regulatory framework, governance and technical specifications; a gradual implementation of open banking from the first half of 2027 to 2029, including regulatory adjustments, implementation of initial data groups, testing and market deployment; and consolidation from 2029 onwards to expand from open banking to open finance by widening participation and the scope of data sharing, including cross-industry information exchange. Across all phases, the SBS will lead the regulatory process, coordinate with other competent authorities, and organise industry engagement alongside awareness and financial education efforts.

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