Peru: Six Firms Eyeing Entry – SBS Report
Here’s a summary of the key information from the provided text:
* Peruvian Open Banking Timeline: The SBS (superintendency of Banking and Insurance) has set a two-year deadline for the first stage of implementing open banking in Peru. However, a detailed roadmap is still needed.
* Roadmap Advancement: This roadmap will involve two parallel processes: studying experiences from other countries and holding working group discussions with the financial industry.
* Industry Concerns: Banks (through Asbanc) have raised two key concerns for the SBS to address in the open banking model:
* Operational Risk: Ensuring the security of information sharing.
* Financial Ecosystem Stability: Maintaining the overall health and stability of the financial system.
* Anti-Fraud Committee: The SBS aims to create a high-level committee with the MEF (ministry of Economy and Finance) and BCRP (Central Reserve Bank of Peru) to combat banking fraud and cyberattacks, including real-time monitoring. Formal proposals have been sent, but responses are still pending.
* Political Impact: The political situation is impacting the formation of the anti-fraud committee, causing delays.
