04/04/2024 – 19:52
The Central Bank's Director of Regulation, Otávio Damaso, recently stated that the impact of Open Finance, unlike Pix, is difficult to measure.
“We have not yet carried out an assessment in terms of the volume of credit operations, but we have observed a better delivery of value to the customer”, he considered. “The big challenge in terms of Open Finance is that it is hidden,” said Damaso.
The director suggested that it is possible that the BC will think, in the future, about how to demand some return in this line from institutions, but that it does not exist at the moment. “In five to ten years, a lot will change in the financial system in favor of the consumer and a lot will be because of Open Finance, but it will not appear that it was the result of it.”
Banking as a Service (BaaS) market is already a fact, it is consolidated in several stages
Damaso stated that the Banking-as-a-Service (BaaS) market is already a fact and is consolidated in several stages. BaaS is a relationship of partnerships between financial and non-financial institutions to offer financial products and services
“We are not talking about opening doors, we are talking about something that is important to bring through regulation, so that the synergy of participants can grow more safely”, he said on a panel at Uqbar Experience 2024.
Damaso argued that the establishment of rules is often beneficial for financial institutions themselves, helping them to deal with various risks, such as image, credit and operational.
The BC director participated in a panel at Uqbar Experience 2024.
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