Central Bank of Brazil foresees "assisted self-regulation" in open banking, but intervention if necessary

May 19, 2020
Estagiário de Economia at Reuters News Agency
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br.noticias.yahoo.com
Central Bank (BC) regulation director, Otávio Damaso, said on Monday that the open banking governance mechanism will be “assisted self-regulation”, but that the monetary authority may regulate the issue if deem it necessary.

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"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.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.
"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.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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