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Brazil central bank to unveil regulation for open banking by 2019

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Brazil central bank to unveil regulation for open banking by 2019

Banco Central do Brasil is preparing a regulatory framework for open banking, to be implemented by 2019, in a process which will see companies, developers and banks sharing information to improve the digital financial sector, Diário Comércio Indústria & Serviços reported.

The project will seek to find solutions for standardization and accountability on digital platforms and shape rules for the financial technology industry. The first meeting between regulators and market participants will reportedly take place in September and the new rules will be put up for public consultation by the end of 2018.

"The plan is that by 2019 we can implement open banking within the national financial system," João André Calvino, head of regulatory affairs at the central bank, told the publication.