Trusted consulting firm in the Initial Structure of Open Finance with the Central Bank of Brazil, and a strategic technological ally in the development of open finance in Colombia, Sensedia announces its arrival in Chile, a country moving towards modernizing the financial sector with the regulation of the Open Finance System within the country’s Fintech Law.
The announcement is part of the international expansion plan of the Brazilian multinational specialized in the API and integrations market. With a 140% growth in Latin America in 2024, Sensedia aims to be a catalyst for strengthening and developing the open finance ecosystem on the continent through API-based technology.
“Sensedia’s arrival in Chile is a strategic step in our mission to drive more digital, connected, and open financial ecosystems in Latin America. Our experience in markets like Brazil and Colombia allows us to offer a comprehensive and tailored approach to the country’s needs. We will support financial entities in their digital evolution, while assisting them in regulatory compliance and the development of new business models,” said Marcilio Oliveira, CGO of Sensedia.
Chile’s Open Finance System is a regulatory milestone aimed at modernizing the country’s financial market and is mandatory for various entities such as banks and cooperatives. This advancement in the region aligns with Open Finance regulations gaining strength in over 90 countries, with the aim of consolidating a more competitive, transparent, and user-centric environment.
In Brazil, Sensedia played a key role in enabling Open Finance, being a Trusted Advisor to the Central Bank and contributing to the technical standards of regulation in the country. In Colombia, the company partnered with CredibanCo to enable an interoperable Hub that simplifies the exchange of information between financial institutions and also participated in working groups for the standardization and technical aspects of the open finance model.
The importance of APIs in Open Finance
Just like in other countries, within the Open Finance System in Chile, supervised entities will not be able to use mechanisms other than APIs to respond to data access requests. Standardized APIs contribute to the creation of a clear legal framework, promote a better experience for the financial consumer, and improve technical compatibility. In addition to the technical aspect, APIs are a business asset that can leverage opportunities in the context of open finance.
