Trusted consultant for the Initial Structure of Open Finance with the Central Bank of Brazil and a strategic technological partner 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 advertisement is part of the Brazilian multinational's international expansion plan, specializing in the API and integration 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.
"The arrival of Sensedia in Chile is a strategic step in our mission to promote more digital, connected, and open financial ecosystems in Latin America. Our experience in markets such as 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 helping them comply with regulations and develop new business models," said Marcilio Oliveira, CGO of Sensedia.
The Chile Open Finance System is a regulatory framework aimed at modernizing the country's financial market, and its participation is mandatory for various entities such as banks and cooperatives. This advancement in the region aligns with Open Finance regulations that are already gaining momentum in over 90 countries, aiming to establish a more competitive, transparent, and user-centric 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 regulations. 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 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, the supervised entities may not 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. Beyond the technical aspect, APIs are a business asset that can enhance opportunities in the open finance context.
