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Open Banking Body to Open Brazil Office

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Open Banking Excellence (OBE) is opening a center in Brazil to help promote the concept in that country. The launch of OBE Brazil is set for 2 p.m. local time Sept. 1 and features a live session with debates and discussions by experts in the sector.

Open banking is the process of banks and other financial institutions sharing consumer banking, transaction and other financial data in a safe, agile and convenient way — with customer consent. Founded in the United Kingdom, OBE brings together fintechs, big techs, banks and regulators. Its members meet frequently to learn, share stories, stimulate debate and collaborate. The community has grown rapidly since its creation and has successfully developed initiatives that can be easily replicated in Brazil, taking into account local requirements and regulations.

OBE Brazil lands in the Latin American country at an important moment in which the Central Bank of Brazil and Brazilian financial institutions are preparing for the full implementation of open banking.

“Open banking will trigger greater cooperation between the Brazilian banking system and fintech startups, resulting in a better offer of financial services and products. This will attract millions of new users to the country’s financial system and the opportunity for Brazilian fintechs is tremendous,” said Helen Child, co-founder of OBE. “We believe that the plan set out by the Central Bank of Brazil will promote even more profound changes than those that took place in the UK, making Brazil a new reference in the sector. We are incredibly excited to be a part of this story.”

Sponsored by Mastercard and Accenture, with support from RAiDiAM and FDATA, OBE Brazil will start operations in the country with a live session that promotes debates among industry experts. The theme of this first meeting will be Open Banking in Brazil — Opportunities, Challenges and Learnings. There will be two panels: Brazil’s Brave New Open Banking Landscape: Barriers, Opportunities and Real-World wins, a session bringing together those at the forefront to discuss how the country capitalizes on opportunities, as well as overcome existing roadblocks — at speed; and From the UK to Brazil: Lessons Learned From the UK Open Banking Journey, where the audience will hear from those who have been paving the way.

“The implementation of each stage of open banking in Brazil is not an end in itself, but the beginning of a deep transformation of how financial services are conceived and delivered to consumers,” Aristides Andrade Cavalcante Neto, deputy head of IT and chief of Cybersecurity & Technological Innovation Office at Banco Central Do Brasil, said. “We’ve learned a lot from other jurisdictions and especially throughout our implementation journey, making adjustments when necessary. In this way, we expect to continue contributing to this theme, together with other institutions such as the OBE.”

“We are delighted to see this initiative that will help deepen open banking cooperation between the UK and Brazil,” Spencer Mahony, deputy trade commissioner for Latin America & Caribbean at the Department of International Trade, said. “As part of the fourth Economic and Financial Dialogue held in December 2020, the UK and Brazil committed to enhance collaboration on issues related to the development of fintechs and innovative banking solutions in Brazilian and British markets. The UK has reinforced its commitment to this financial ecosystem through regulatory workshops with the Brazilian government, and we look forward to working together as both our countries apply the principles of open banking to other sectors, including insurance.”

OBE Brazil will have an independent advisory board, formed by key stakeholders coming from banks, regulatory bodies, fintechs, consulting and technology companies. This council will work to engage the community for the adoption of open systems, in addition to defining general objectives, operational structures and seeking funding sources for the development of the sector in Brazil.

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Source: https://www.crowdfundinsider.com/2021/08/179585-open-banking-body-to-open-brazil-office/

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