Sensedia arrives in Chile to boost Open Finance in the country

Trusted consultant of the Initial Structure of Open Finance with the Central Bank of Brazil, and strategic technological ally in the development of open finance in Colombia, Sensedia announces its arrival in Chile, a country that is moving towards the modernization of the financial sector with the regulation of the Open Finance System within the Fintech Law of the country.

The announcement is part of the international expansion plan of the Brazilian multinational specialized in the API and integration market. With a growth of 140% in Latin America in 2024, Sensedia seeks to be a catalyst for the strengthening and development of 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 such as Brazil and Colombia allows us to offer an integral approach adapted to the needs of the country.We will support financial entities in their digital evolution, while assisting them in complying with the regulatory and in the development of new business models”, said Marcilio Oliveira, CGO of Sensedia.

The Chilean Open Finance System is a regulatory framework that aims to modernize the country's financial market and its participation is mandatory for various entities, such as banks and cooperatives.This advance in the region is aligned with Open Finance regulations that are already gaining strength in more than 90 countries, with the aim of consolidating a more competitive, transparent and user-centered environment.

In Brazil, Sensedia played a key role in enabling Open Finance, being Trusted Advisor of the Central Bank and contributing to the technical standards of regulation in the country.In Colombia, the company joined CredibanCo to enable an interoperable Hub that simplifies the exchange of information between financial institutions and also participated in the working tables for the standardization and technical aspects of the open finance model.

The importance of APIs in Open Finance

As in other countries, under the Open Finance System in Chile, the entities supervised may not use mechanisms other than APIs to meet data access requests. The 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 enhance opportunities in the context of open finance.