Open finance regulation
May 19 2023
reglation open finance

The colombian Congress approved the National Development Plan (“NDP”), which established an open data scheme for financial inclusion. In this way, public and private entities must provide useful information to facilitate access to financial products and services.

This implies the creation of new processing personal data scenarios, which must be regulated by the national government to guarantee three main objectives: the correct functioning of the scheme; adequate security standards; and the proper treatment of financial consumers’ information. Thus, this regulation could imply novelties in the current limits faced by the circulation of personal data.

Additionally, the PND establishes the right to financial portability, that is, the possibility for financial consumers to request the transfer of their financial products, together with their information.