The Financial Superintendence of Colombia published remarks by Superintendent César Ferrari from a panel discussion in which he presented mandatory open finance as a key tool for making Colombia’s financial system more competitive, efficient and inclusive. He said open finance can improve information symmetry in the market by giving financial institutions better knowledge of customers while also giving customers greater access to information about institutions, which in turn should strengthen competition. In that context, Ferrari linked stronger competition to more credit and lower interest rates, and said mandatory open finance should also help create a more efficient and less costly system for households and businesses. He welcomed the issuance of the decree establishing the framework for mandatory open finance in Colombia, describing it as a major step in modernizing the financial sector. The remarks were made during a panel at an insurance industry congress organized by Fasecolda. Ferrari said implementation should proceed progressively and prudently, drawing on international experience and ensuring appropriate conditions for all participants. He also indicated that additional regulatory provisions will need to be updated to consolidate the open finance ecosystem.
Superintendencia Financiera de Colombia2026-07-08
Financial Superintendence of Colombia says mandatory open finance decree marks major step and will be implemented progressively
The Financial Superintendence of Colombia used a public panel appearance to back mandatory open finance and to welcome the new decree creating its framework. Superintendent César Ferrari said the model should improve information symmetry, competition, credit access and costs for users. He added that implementation should be gradual and that further regulatory updates will still be needed.