Article: Open finance is driving the race to transform the financial market in Brazil

Money, Open Governance

Open finance is driving the race to transform the financial market in Brazil

The concepts of open banking and open financing may not yet be familiar to most Brazilians, but you have certainly noticed the practical changes that central bank initiatives have brought about in the Brazilian financial market in recent months. The transformation has just begun and should foster the race between players in the sector to adapt to the new rules of the game.

A practical example of this transformation is PIX. The pay-as-you-go method went into effect in November 2020 and already has more than 200 million registered keys and 80 million users in Brazil. In March alone, there were about 394 million transactions. Since its inception, over one billion PIX operations have been performed.

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