Peru's SBS Seeks Public Input on Open Finance System Guidelines
The Superintendencia de Banca, Seguros y AFP (SBS) of Peru has initiated a public consultation for the advancement of guidelines aimed at implementing the Open Finance System in the country. This initiative is part of Phase 2 of the roadmap for establishing this system. The released document, titled “Guidelines for the Operation of the Open Finance System in Peru,” is based on diagnostic findings and discussions held with various stakeholders. The SBS is seeking feedback to refine the framework for open finance, which aims to increase financial inclusion and innovation by allowing secure data sharing between financial institutions and third-party providers with customer consent.
The SBS's proactive engagement with the public on open finance guidelines signifies a commitment to regulatory clarity and stakeholder alignment. This approach, by incorporating diverse perspectives early in the implementation phase, can foster greater trust and adoption of the new financial ecosystem. By seeking input, the SBS aims to build a robust framework that balances innovation with consumer protection and data security. This consultative process is crucial for navigating the complexities of open finance, potentially mitigating future implementation challenges and ensuring the system serves the broader economic interests of Peru.
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