Chile
Chile’s Financial Market Commission (CMF) has postponed the entry into force of the Open Finance System (SFA) from July 2026 to July 2027 and opened a 30-day public consultation to amend General Rule No. 514, aiming to improve the framework based on industry feedback. The proposed changes introduce greater graduality through intermediate milestones, pilot and testing phases, and simplified participation requirements for smaller providers. They also expand data-sharing standards—such as extending historical financial data to up to 24 months and requiring near-real-time transaction updates—and clarify customer consent rules, including the role of authorized representatives. Overall, the adjustments seek to ensure a smoother, more realistic implementation while supporting competition and innovation in Chile’s financial sector.
Canada
Canada is set to launch a consumer-driven banking (open banking) framework in 2026, this is only a first step and that the country needs a broader open finance roadmap. While open banking will enable secure, consent-based sharing of bank data and reduce risky practices like screen scraping, it excludes major parts of the financial system such as mortgages, insurance, investments, and business finance. Expanding toward open finance would allow consumers and small businesses to reuse verified financial data more easily, lower switching costs, and increase competition and innovation. To succeed, this expansion requires clear governance, liability rules, strong consent protections, and inclusive access so that benefits are not concentrated among large banks or technology firms.
Argentina
Argentina’s central bank (BCRA) is advancing an Open Finance framework aimed at reactivating credit by giving users control over their financial data and enabling consent-based data sharing across banks and digital wallets. The initiative seeks to improve credit assessment by incorporating broader transaction data, allowing individuals and businesses—especially those with limited credit history—to access better loan terms and financial products. Expected to roll out around 2026–2027, the model is being developed with input from banks and fintechs and draws on international experiences to avoid common pitfalls, with the broader goal of deepening financial inclusion and expanding private credit in Argentina.
Peru
Peru is laying the groundwork for an Open Finance framework, beginning with Open Banking, under the leadership of the Superintendencia de Banca, Seguros y AFP (SBS), which has created a dedicated Open Finance department with support from the World Bank. The SBS plans to publish a formal roadmap by early 2026, outlining phased implementation that could take around two years for initial deployment and later expand to areas such as insurance and pensions. Key priorities include building secure, standardized API infrastructure, strong data governance, and clear consent mechanisms to ensure user control over financial data. While the potential benefits include greater financial inclusion, competition, and innovation, the main challenges lie in regulatory coordination, technical readiness, and ensuring broad adoption across the financial ecosystem.
USA
The U.S. Consumer Financial Protection Bureau (CFPB) has signaled that it plans to issue an interim final open banking rule under Section 1033 of the Dodd-Frank Act as it faces the risk of a funding lapse. According to a federal court filing, the interim rule would allow the CFPB to move forward with consumer data-access requirements despite delays caused by budget uncertainty and ongoing legal challenges. This approach is intended to preserve momentum on open banking and consumer data rights, even if the agency is unable to complete a full and final rulemaking process in the near term, creating short-term regulatory clarity while longer-term questions around governance and implementation remain unresolved.
sources: latamfintech | irpp | infobae | revistaganamas | consumerfinanceandfintechblog
image: Photo by Nattanan Kanchanaprat