Trusted consultant of 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 that is moving towards the modernization of 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 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 approach tailored 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 framework aimed at modernizing the country’s financial market, and participation is mandatory for various entities, such as banks and cooperatives. This advancement in the region aligns with Open Finance regulations that are gaining traction in over 90 countries, aiming to consolidate a more competitive, transparent, and user-centered environment.
In Brazil, Sensedia played a key role in enabling Open Finance, serving as a Trusted Advisor to the Central Bank and contributing to the technical standards of the country’s regulation. In Colombia, the company partnered with CredibanCo to enable an interoperable Hub that simplifies information exchange 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
As in other countries, within the scope of the Open Finance System in Chile, regulated entities will not be able to use mechanisms other than APIs to fulfill data access requests. Standardized APIs contribute to the creation of a clear legal framework, promote a better experience for financial consumers, and improve technical compatibility. Beyond the technical aspect, APIs are a business asset that can enhance opportunities in the context of open finance.
