"If things don't go the way the Central Bank wants, or what expectations do we have in relation to open banking, naturally we will always have the prerogative to bring this into regulation," said Damaso, in a videoconference promoted by Brazilian Association of Fintechs (ABFintechs).

Asked about the new entities due to the third phase of open banking, which involves a payment initiator and a credit proposal forwarder, Damaso stated that an additional instruction on the topic will be published later, containing details about these players.

“An additional instruction will come, which will make it clear who these players are going to be, is already in the oven. We are concluding this regulation and we are going to decide whether this will still be via public consultation or if it will go directly. Most likely, a public consultation period is welcome, ”explained Damaso.

The third phase of open banking provides that bank customers will be able to receive credit offers from competing institutions.