In Colombia, Belvo and Nequi create an Open Finance pact.

Because of the direct relationship with Belvo, the recently inked agreement will enable Nequi users to share their wallet transactional information with other businesses. Thus, financial inclusion will be promoted since they will be able to obtain official lines of credit for the first time, as well as improved products and services tailored to their needs.

Colombia's Open Finance Movement

The objective of Colombian regulators, as stated in the release of Circular No. 004 of 2024, which lays out the requirements for Open Finance, is in line with the plan. With the help of this new legislative framework, banks are now able to operate with these models. It also supports the efforts of data aggregators like Belvo and lays out the conditions that these players must fulfil, like obtaining ISO 27001 certification.

Belvo officials stated that, within the confines of the established regulatory framework, they are pleased to have complied with all security standards and possess the technological infrastructure required to be dependable partners for financial entities, both through this connection and through all market coverage they have already been offering to clients in the nation.

The arrangement offers significant time and resource savings for all parties concerned, consolidating Belvo as a quick, secure, and dependable means of connecting Nequi users with other financial companies. Belvo currently provides links with over ten entities across the nation.

This cooperation opens the door for more partnerships and is a significant step forward for the growth of open finance in Colombia. Representatives from Belvos went on to say that this API connection is only the first of many more integrations to come, heralding a bright future for the growth of open finance in Colombia and the surrounding area. They are pleased to have reached this milestone and to be the go-to partner for organisations such as Nequi, since it shows how dedicated the banking industry is to using technology to open up and democratise financial services.