Enabling Mexican FinTechs to Harness Open Banking
On the 27th of June, C Minds spoke at Gentera’s Fiinlab Lecture Series, helping FinTechs understand what open banking meant for the industry and how they could start moving now to take advantage of its disruptive nature. Although the Mexican Open Banking Standard is currently under definition by the designated regulators, it is important for the industry to get a head start and treat the topics as a strategic priority.
Open banking, which is part of the secondary regulations of the FinTech law, will come into effect in Mexico in March of 2020 and will cover all products and services of the country’s financial service providers. It is one of the most ambitious standards yet to be proposed.
C Minds is raising awareness on the topic across Latin America and ensuring an inclusive development in Mexico, working with the regulators and the industry. The agency is also pushing for early exploratory efforts with regards to potential benefits, improvements to existing financial services and products and new business models via innovation exercises.
Find out more on www.openbankingmx.com and keep up with C Minds’ work on the topic via our social media networks.