Open Banking has made banks open up their customer data to authorized third-party providers via APIs. It has largely been initiated in banks globally as a result of various compliance and standards being introduced by regulatory agencies like PSD2 (Europe), UPI–IndiaStack, and CDR. Banks are the providers of this service, and consumers vary from FinTechs offering value-added banking solutions to end customers, challenger banks, neobanks, payment processors, transaction aggregators, and other third-party providers (TPP).
Brazil is the latest FinTech economy to adopt Open Banking
Brazil represents half of Latin America’s economy with a $3-trillion+ GDP and the largest FinTech market. There are about 500 FinTech startups in Brazil that have collectively raised billions of dollars in funding.
Keeping the lead, Brazil has been one of the first countries to legislate crowdfunding and P2P lending …