Open Finance: regulation, innovation and competition

Summary

The CNBV has made public its plans to issue the pending rules on Open Banking before year end, crucially those relating to "transactional data" which constitute the core of the Open Finance framework.

Key points

• Key points:
• This framework must privilege personal data protection and competition between financial firms and with "information technology specialized third parties".
• If properly implemented, these rules have the potential to improve and broaden the supply of financial products, fostering innovation, competition and efficiency, to the benefit of consumers.
• The Open Finance model may also give a push to financial inclusion, bridging remaining scale and geographical barriers.

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