Mexico just made a significant effort for an open banking revolution in their country.
Recently, the Mexican Congress as approved a bill to regulate the fintech sector, setting rules for things like cryptocurrencies and crowdfunding, and paving the way for an open banking revolution.
The bill which was already approved by the Senate in December is just a step away from becoming a law once it is signed by Mexican president Enrique Pena Nieto. Once the bill becomes a law it is very helpful since a large part of the populace has no banking knowledge.
The soon to be law would help in encouraging a burgeoning fintech scene, provide certainty for new challengers while ensuring financial stability and guarding against money laundering.
The bill would also paved way for better competition in the open banking model since unhappy bank account holders will now have many choices on where to invest their money.
Moreover, the bill will also allow traditional lender to let their startus and allow smaller banks access customers data via APIs.
Regulators are also set to begin writing secondary laws that set out specifics, once the bill officially becomes a law.