Brazil ready for strong open banking – Bain & Co. study

RIO DE JANEIRO, BRAZIL –  Standardization, participation of large banks, security, data protection and an innovation ecosystem should boost open banking in Brazil faster than in other countries that have adopted the sharing of financial data. This is pointed out in a Bain & Company study.

By analyzing the development of open banking in over 10 countries, the consulting firm found that in the 5 where progress was greater, the driver was not only strong regulation, but a set of factors.

One of them is the existence of an innovation ecosystem, formed by startups, venture capital funds and large technology companies.

According to the study, there were over 50 investment rounds in fintechs in Brazil last year, equivalent to 15% of all funding operations for startups. In the UK, where open banking is well advanced, there were over 360 rounds.

Source: Valor Investe

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