Sebastián Arcuri, CEO of Scotiabank, has cautioned that upcoming open finance regulations in Peru require clarification, potentially leading to fees for data sharing. His warning comes as digital payment platform Yape continues to rapidly expand its operations, prompting traditional banks like Interbank to develop counter-strategies.
The debate centers on the costs associated with data custody under the new open finance model. Arcuri questioned,”what happens with the entities that guard the information? the custodian has a cost. What will it be like if another company comes to ask me for that data?” He emphasized that while client data ownership is clear, the financial burden on institutions safeguarding that data remains undefined. If not clarified, a charge would have to be made for sharing this data, which implies a cost for the financial entity that custody it.
This discussion gains urgency as Yape’s growing popularity impacts the profitability of microfinance institutions, as previously reported by Gestión. Interbank and other banks are now strategizing to compete with Yape’s widespread adoption and the potential disruption of open finance, navigating the regulatory landscape and potential data-sharing costs.
Zulema Ramirez,Finance Editor at Diario Gestión,reported on these developments.
