Sebastiรกn Arcuri, CEO of โค Scotiabank, has cautionedโ that upcoming open finance regulations in โPeru require clarification, potentially leading to fees for data sharing. His warning comes asโ digital payment platform Yape continues to rapidly expandโ its operations, prompting traditional banks like Interbank to develop counter-strategies.
The debate centers on the costs associated โขwithโค data custody under the new โopenโ finance โmodel. Arcuri โquestioned,”what happens with the entities that guard the information?โ the custodian has aโข cost. What will it be like if another company comes to ask me for that data?” He โemphasized that while client โคdata โฃownership is clear, the financialโ burden on institutions โฃsafeguarding that data remains undefined. If notโ clarified, a charge โคwould have to beโข made for โsharing this data, which implies a cost for the financial entity that custody it.
This discussion gains urgency as Yape’s growing โpopularity impacts โthe profitability of microfinance institutions, asโข previously โreported by Gestiรณn. Interbank and other banks are nowโ strategizing to compete with Yape’s widespread adoption and โคthe potentialโค disruption of open finance,โข navigating โthe regulatoryโ landscape andโข potential data-sharing costs. โข
Zulema Ramirez,Finance Editor at Diario Gestiรณn,reported on these developments.
