Open Banking Excellence (OBE) is set to launch in Brazil at the start of September.
OBE Brazil’s community of stakeholders will look to raise awareness of the data-sharing initiative in the country.
The launch will take place at 2pm Brazil Time (6 pm BST) on 1 September, accompanied by two debates. These include one on Brazil’s open banking landscape, including barriers and opportunities and another on the lessons that can be learned from the UK’s open banking journey.
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One of the most important phases of Brazil’s open banking project was introduced on 13 August, allowing consumers to request that their financial information be shared with other institutions.
This was delayed from 15 July as the participating institutions required more time to complete the tests to secure the approval and registration of their open APIs.
OBE said that Brazil has almost 34 million unbanked individuals, most of which are female and living in remote and poor areas.
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It said open banking will result in greater cooperation between the banking system and fintechs, leading to fresh and accessible financial services and products which will attract new users.
OBE said the opportunity for Brazilian fintechs is huge, with figures from Distrito showing that fintechs in the country attracted $1.7bn (£1.2bn) in investments in 2020.
“Traditional players won’t be able to cover all the new ground open banking will open up – making a great place for fintechs to play,” OBE said on its website.
The Central Bank of Brazil launched an open banking initiative in early 2019 to increase financial education and market competition.
The project’s third phase will enable consumers to make money transfers and pay bills outside of the bank’s environment and the final phase, which expected for December, is around customer details in investments, insurance, exchange services and salary accounts.