I had the opportunity to share with Camilo Arango, Head of Expansion at Minka, and Gustavo Carriazo, Head of Business Development LatAm at Mo. The following is the press coverage of our discussion.
As stated in the article, I believe in the importance of open finance in driving financial inclusion and economic development, including traditional actors and sharing financial data. There are certain challenges such as limited technological infrastructure and geographic dispersion, which hinder the penetration of financial products. Successful model adaptation across countries, requires overcoming regulatory barriers, and fostering cooperation between the private sector and governments.
There is a transformative potential of open finance but governments often resist change due to fear of disrupting the status quo. Open dialogue, international cooperation, and a culture of resource sharing to create a more efficient and inclusive financial system should help. Multilateral organizations play a vital role in supporting these efforts by promoting informed policies and reducing unnecessary regulatory obstacles.