By Elias Sfeir - President of the National Association of Credit Bureaus (ANBC)

The Latin American financial system is in the midst of reconfiguration. Driven by regulatory innovation, demand for inclusion and the accelerated growth of fintechs, the market is showing new dynamics. More than 3,000 active platforms in 26 countries are transforming credit, payments and financial management across the region.

According to IV Fintech Report by the IDB and Finnovista, The number of fintechs in Latin America has grown by 340% since 2017. Brazil, Mexico, Colombia, Argentina and Chile account for 77% of the companies, but countries like Peru, Ecuador and the Dominican Republic are showing accelerated growth. The most representative segments are Payments and Remittances (21%), Loans (19%) and Corporate Financial Management (13%), reflecting a growing demand for digital solutions that serve both consumers and companies.

Brazil is emerging as a global benchmark in Open Finance. With 55 million unique users and a growth of 2 million per month, the country surpasses the United Kingdom in penetration and speed of adoption. According to the report EY Open Talks 2025, The Brazilian ecosystem is already the world's largest in terms of regulated financial data sharing. Despite the impressive figures, challenges remain: 63% of institutions are below average in their use of APIs, and 62% of banks still don't see the strategic value in sharing data. Open Finance.

Credit is one of the pillars of this result. In Brazil, 14% of fintechs work directly with credit, according to the Fincatch mapping 2024. In Latin America, access to digital credit has been key for small and medium-sized enterprises (SMEs). The EY report shows that 82% of SMEs are willing to share data via Open Finance in exchange for personalized services, and 63% would pay for it. However, only 31,000,000 companies have joined the ecosystem, compared to 201,000,000 in the UK.

The entry of new mandatory participants, through the Joint Resolution No. 10 will add 220 million financial relationships to the ecosystem. The rule, which came into force on July 1, 2025, stipulates that all regulated financial institutions with more than 5 million active clients must join the Open Finance, This has significantly expanded the scope and diversity of shared data. However, 71% of these institutions still don't have a clear strategy for using the data, which could compromise the generation of value.

Sustainability is also gaining ground. According to the IDB, 79% of Latin American fintechs claim to contribute to at least one Sustainable Development Goal (SDG). Regulation is advancing with specific laws in countries such as Chile, Peru and Ecuador, as well as sandboxes e hubs innovation in various countries.

The use of technologies such as artificial intelligence (AI), blockchain, cloud e big data is growing, with an emphasis on solutions that promote inclusion, efficiency and safety. One example is Journey Without Redirection (JSR), JSR has been implemented in Brazil since February 2025. JSR eliminates steps and concentrates authentications in a single environment, offering a more fluid, secure and efficient experience, especially for companies. Initially focused on payment initiation, it is expected that the journey will also include data sharing in the future.

The Latin fintech ecosystem is booming. More than technological innovation, it represents a new financial architecture that tends to be more inclusive, connected and sustainable. In addition to the technical and structural aspects, there is also the psychosocial one. There are three important points from the user's point of view: digital literacy, financial literacy and cyber literacy, so that the use of platforms evolves in an inclusive, sustainable and secure way. Other regional challenges are regulatory and prudential supervision in systems with large capillarity and multiple geographies. The future of credit in Latin America will be shaped by data, collaboration and purpose. credit cross-border, This is an initiative that is booming in Asia. And fintechs are at the heart of this transformation.