● We welcome the announcement of the Open Finance System as a strategic step toward modernizing the Argentine financial system.
● We highlight the importance of working with the industry to leverage accumulated knowledge, incorporate lessons from international experiences, and ensure agile and effective implementation.

The Argentine Fintech Chamber welcomes the announcement of the Open Finance System (SFA) made today by the President of the Central Bank, Santiago Bausili, as part of the Historical Repair Plan for Argentines' Savings.

This initiative can mark a turning point in the evolution of the Argentine financial system by generating unprecedented dynamism in the financial information of individuals and companies, facilitating access to credit and improving product personalization.

Open Finance (Open Finance) is a topic of great importance and significance for the future of the financial system, and one on which the Chamber has been working for some time. In 2024 we presented a report in which we analyzed more than a dozen international experiences —including cases such as the United Kingdom, Brazil and the European Union—, and in which we identified some critical factors for successful implementation in Argentina:

1. Aligned incentives: establish clear and balanced incentives for all actors in the ecosystem, promoting their active participation, the development of concrete solutions, and the sustainability of the model over time.

2. Clear technical standards: ensure that the technical and regulatory framework is designed with clear standards, including rules on interoperability, security and consent.

3. Users at the center: ensure an active role for users so they can grant access to their information through a simple user experience. It is essential that consent comply with applicable and user-friendly technological standards.

4. Public-private collaboration: create fluid spaces for dialogue between regulators, public agencies, and various actors in the financial system.

The Argentine Fintech Chamber reaffirms its willingness to collaborate with the Central Bank and other public sector bodies in the agile and effective design and implementation of the Open Finance System in Argentina.

We have the technical knowledge, comparative regulatory experience, and human capital necessary to contribute to a model that can become a reference in the region, and that can avoid mistakes made in other jurisdictions: poorly usable schemes, high implementation costs, or low adoption by users and the financial system itself. We believe that activating spaces for dialogue will be key to ensuring that the system reflects the real needs of the industry and users.

We have the opportunity to learn from the best global practices and improve them for the particularities of our market, prioritizing security and economic development to make Argentina the jurisdiction with the most successful implementation of Open Finance globally. From our side, we renew our commitment to promoting a more open, competitive financial system centered on the well-being of individuals and companies.

What does this mean for Fonder

At Fonder, we have been building precisely in that direction: a layer that connects banks, ERPs and invoicing so the company has a single source of truth about its cash position, reconciliations, and projected cash flow.

Because in the end, the change is not “more fintech”.
The change is less friction to decide.